Crude price revival is unlikely to lift India’s remittances instantly
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The ongoing recovery in crude oil prices bodes well for the economic outlook of the middle eastern countries
(REUTERS)
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The disruption caused by covid-19 has left a deep scar on India’s remittances inflow. India’s secondary income receipts, which mainly represents remittances, fell by around 8% year-on-year (y-o-y) in Q2FY21, according to official data.
At the end of the September quarter, remittances to India stood at $1.8 billion. For the first half of FY21, the decline was to the tune of 6.7% y-o-y.
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