Foreign Policy Watch: India-Middle East

Gulf remittances fall 2.2%, offset by slide in oil imports


  1. Context: A report on remittances by CRISIL
  2. Remittances from the Gulf nations to India declined for the first time in six years
  3. Fall: By 2.2% in 2015-16
  4. Reason: Falling oil prices have had a sweeping impact on the oil producing economies of GCC (Gulf Cooperation Council)
  5. This has severely dented their oil revenues and spending by both governments and households
  6. Balance: But the slide had also resulted in a contraction of oil imports, which has offset the drop

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