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With growing manpower migration from Uttar Pradesh to the Gulf countries, UP has emerged as the fastest growing remittance receiving state in India.
“With inward money remittance in UP increasing by 20% year on year, the state is growing fastest in India, which collectively clocks growth of 8-10%,” money transfer firm Xpress Money vice president and business head Sudhesh Giriyan told Business Standard here.
The major remittance pockets in UP include Gorakhpur, Azamgarh, Deoria, Kushinagar, Maharajganj, Mau and Allahabad.
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“There is an increasing trend of manpower migration from UP to the Gulf for better employment avenues. There is huge demand for workforce in infrastructure sector in the Arabian countries, which would continue to grow in near future,” he informed.
This year, UP is estimated to receive almost $4 billion of remittance of the total $71 billion to be received by India. About 2.7 million Indians currently work abroad, he said.
Xpress Money has a network of 3,000 agents at key remittance pockets in UP, which it plans to expand to 4,000 by December 2014. Pan India, it has 45,000 such agents.
Almost, 31% of the inward remittance is received from the Gulf, including UAE, Qatar, Saudi Arabia, Jordan and Oman, followed by 29% from the US and Canada.
Of total remittance, only 25% is received through cash, while the bulk comes through NRI bank accounts. “We have tie-ups with the State Bank of India, Punjab National Bank, UAE Exchange, Thomas Cook, Muthoot Fincorp etc,” he said.
The company has presence in over 150 countries across 170,000 agent locations.
