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Home Business News NRIs funding education and skill development

NRIs funding education and skill development

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Kiran Shetty, MD & Regional VP, India & South Asia, Western UnionAverage annual remittance from abroad per Indian family is around INR 230,000 reveals study.

 

Mumbai. Western Union, a leader in global payment services undertook an economic impact study to understand the money transfer practices of consumers as well as the impact of remittance on their lives. The study was conducted by Western Union in association with Nielsen, a leading global provider of consumer information and insights. It was conducted across seven states of India - Gujarat, Maharashtra, Kerala, West Bengal, Punjab, Tamil Nadu and Uttar Pradesh.

According to the World Bank, India remains the leader in receiving remittances and is estimated to receive approximately USD 71 billion in 2014. As per the study, migration from India is predominantly to the Middle East, United Kingdom and United States of America but the receipt of remittances varies across regions within India. The study also captured the impact of these remittances on various parameters like lifestyle, health requirements, medical facilities, education, household expenditure, savings, investment and others. The results of the study were unveiled by Western Union jointly with India Post.

Kiran Shetty, Regional Vice President and Managing Director, India & South Asia, Western Union said, “It is very satisfying to see the important role that remittances play in improving the lives of families across the country. Remittances are used to raise the immediate standards of living and enable access to healthcare. Additionally, a significant portion of the money received from abroad is used to fund education, developing skills and the long term economic prospects of communities we serve."

Pradipta Kumar Bisoi, Chief Postmaster General, Maharashtra Circle, Department of Post, said, “Remittances into India over the years have helped increase financial inclusion and enhancement of lives of Indian families.”

The study was conducted across a varied age group ranging from 22 to 64 years across demographies. These respondents should have received at least INR 50,000 in last one year from a relative in another country and have received money at least 3 times in last 12 months. The survey which had participation from close to 3000 respondents from key cities in India, documenting their responses through face-to-face interviews.

The study clearly highlights that Indian families receiving remittances have seen great improvements in their standard of living, financial independence while also raising the standards of education and skills for their children, ensuring long term benefit.

 

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