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Role of remittances in India's economic growth

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  • T.K. Jayaraman
  • Chee-Keong Choong
  • Ronald Ravinesh Kumar

Abstract

India has been among the top ten remittance recipient countries in the world since the 1970s. In the context of the ongoing worldwide recession and uncertain export prospects, mobilisation of foreign exchange earnings has assumed greater importance. Given the intensification of financial sector development together with relatively stable capital inflows (FDI and ODA) and the efforts towards formalising the channels of remittance inflows, we find that remittances and the interaction between remittances and financial sector development have had a positive and significant effect on growth over the last four decades (1970-2009). In the light of these findings, it is proposed that the proactive policy measures in India should continue for encouraging remittance inflows for long-term growth and development.

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Bibliographic Info

Article provided by Inderscience Enterprises Ltd in its journal Global Business and Economics Review.

Volume (Year): 14 (2012)
Issue (Month): 3 ()
Pages: 159-177

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Handle: RePEc:ids:gbusec:v:14:y:2012:i:3:p:159-177

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Web page: http://www.inderscience.com/browse/index.php?journalID=168

Related research

Keywords: remittances; financial sector development; bounds test; economic growth; India; foreign exchange earnings; remittance inflows.;

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Cited by:
  1. Ronald Ravinesh Kumar & Radika Kumar, 2012. "Exploring sectoral elasticity vis-�-vis per worker income with a focus to agriculture: a study of Sub-Saharan Africa," African Journal of Economic and Sustainable Development, Inderscience Enterprises Ltd, vol. 1(1), pages 27-48.
  2. Ibrahim Sirkeci & Jeffrey H. Cohen & Dilip Ratha, 2012. "Migration and Remittances during the Global Financial Crisis and Beyond," World Bank Publications, The World Bank, number 13092, August.
  3. Kumar, Ronald/R, 2011. "Role of Trade, Aid, Remittances and Financial Development in Pakistan," MPRA Paper 38871, University Library of Munich, Germany.
  4. Ronald Kumar, 2014. "Exploring the nexus between tourism, remittances and growth in Kenya," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(3), pages 1573-1588, May.
  5. Kumar, Ronald R., 2010. "Impact of trade openness, remittances, capital inflows & financial development on income in Vanuatu," MPRA Paper 33221, University Library of Munich, Germany.

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