A Strategic Perspective towards Economic Development and Foreign Remittance of India

Abstract

For an extended period, India has been the primary beneficiary of remittances. The remittance provides a significant and reliable source of foreign exchange reserves and external financing.  Though remittances are crucial to the economic progress of developing and the underdeveloped nation, they are principally crucial for the developing and the under developing nations. In accumulation to reduce the disparity between capital supply and demand, it also enhances the purchasing power of migrant households. In light of these facts, the current research has made a collaborative attempt to elucidate Trends and Prospects of Foreign Remittances in India. Also, it suggests various means for the further utilisation of the remittances towards the socio-economic contribution to the nation at large. Right from the simple tabular representation of data to the regression statistics have been computed. This paper is purely based on secondary data.