According to a Planning Commisison report, the remittances from non-resident Indians or NRIs for the fiscal year 2009 could decline by 20%, considering the global financial crisis deepening and migrant workers losing jobs, report media.
For the fiscal year 2009, the total foreign inflows, investment and private transfers, is expected to be around $65 billion, down from $81 billion in 2007-08, implying a fall of 20%.
However, the Planning Commission projected that foreign inflows could surge to $90 billion on account of one time increase in private transfers in the likelihood of Indian workers abroad deciding to bring home their accumulated savings on losing jobs
During 2009-10, private transfers can be between $35 billion and $50 billion, as the Indian workers may bring back their accumulated savings and a one time increase may take place, the panel report said.
Private transfers from abroad increased to $25.76 billion during April-September 2008,, compared to $17.46 billion in April-September 2007, the report said, pointing out that this could be an outcome of devaluation of the dollar-rupee exchange rate.
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