The data available with Reserve Bank of India (RBI) revealed that there was a little over $115 billion in NRI accounts in India, which is about Rs 7 lakh crore. In which over One Lakh Crore is going in to the accounts in Kerala where there is a large scale immigration to gulf region.
According to the data with the World bank, India is the largest recipient of remittance flows in the world receiving about $70 billion (roughly Rs 4.2 lakh crore) from this source in 2014. The NRI Remittances support at least 50 lakh people in Kerala, which has a population of 3.15 crore.
However economic experts say that the employment in Gulf countries is a bubble which may burst any time. Countries of West Asia particularly Saudi Arabia is trying to replace foreign workers with its own to improve local economy and employment.
