Thursday, 4 June 2009

Economic slowdown unlikely to affect remittances to India

MUMBAI: The slowdown in economy is unlikely to affect remittances to India, a top banking official said.

"The global economic slowdown has limited impact on remittances to India, which is estimated at three per cent of India's GDP," Washington-based Global Financial Integrity (GFI), Lead Economist, Dev Kumar Kar said here.

Speaking on 'Impact of Financial Crisis on Global Business,' Kar said, "India has a highly resilient economy and the global slowdown will have limited impact on India's growth prospect. The economy is forecast to grow at 6.7 per cent in FY 09 and around 6 per cent in FY 10."

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