No signs of reverse migration from Gulf, says RBI

The Reserve Bank today said global financial crisis has neither resulted in reverse migration from the Gulf Region nor slowed down the flow of funds from the Non-Resident Indians (NRIs) residing in North America or the Middle East. "The findings of the study (conducted by the RBI) revealed that there are no indications about workers from the Gulf Region returning to India," the RBI said in an analysis of trade in services, remittances and income.
Although no official data is available on job losses suffered in the Gulf countries, the RBI study said, bankers have not "noted any trend in reverse migration." As regards inward remittances, the analysis added, the global crisis has not slowed down the flow of funds from NRIs living in the North America, the Gulf Region and Europe.
"So far there were no slowdown in the inward remittances," said the RBI study, which is based on the information collected from its regional offices. However, further deterioration in the global crisis can have a bearing on the inflow of NRI funds in the days to come, the report said, adding "some slowdown in remittances due to the global financial crisis and associated contraction cannot be ruled out