India has historically been one of the biggest recipients of remittances in the world. Last year it topped the chart with $69 billion pouring into the country from non-resident Indians (NRIs) and overseas citizens of India. This amount is significant and accounts for four per cent of the country’s GDP.
What’s really interesting in these numbers is the contribution of NRIs based in the UAE. As per the number crunching by the World Bank, the UAE is the biggest source of remittances to India, accounting for 38.7 per cent share. It is followed by Saudi Arabia with 28.2 per cent share. Most of the UAE-based NRIs remit money for maintenance of family expenses. However, there are many reasons why you should be choosing to remit more and invest in the country, especially if you are an Indian.
The first and foremost reason is retirement. The UAE pastures are better suited for people who work and earn a living. Twilight years, on the other hand, remind many of us of our first home – India. If you are thinking and planning to spend your sunset years there, stashing away some cash every month is always a good decision. The earlier you start, the better it is.