Only a slice of the money sent by the Indian diaspora goes towards maintenance of the family back home. A chunk flows into the stock market and other investment avenues.
A study on remittances conducted by the Reserve Bank of India (RBI) reveals 46% of the money is parked in instruments such as stocks, bank deposits and real estate. Of this, 20% is in bank deposits, 13% in real estate and shares and the balance 13% in other instruments.
In FY06, India received $24.6 billion as remittance. An extrapolation of the figures arrived at by RBI shows that families of the diaspora have invested $11.04 billion in various instruments. Of this, $4.92 billion or Rs 22,140 crore landed up as bank deposits, $2.46 billion (Rs 11,070 crore) went into buying property and $738 million (Rs 3,321 crore) chased equities.
The study — conducted in cities like Mumbai, Ahmedabad, Bangalore, Chennai, Chandigarh, Delhi, Hyderabad, Jaipur, Kochi and Kolkata — reveals an interesting trend. Families in Jaipur, Bangalore and Mumbai prefer to invest a higher share of what they receive from abroad.
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