High crude oil prices to fuel India's remittances purse, to rise 4-5%

The oil prices have been ruling firm following output cuts by oil cartel OPEC and other geopolitical factors, including looming US sanctions against Iran coupled with strong market demand

The surging international crude oil prices are projected to fuel inward remittances to India this year topping the $69 billion of net remittances clocked during 2017 calendar.

Last year, India had topped the international list of remittance receivers at $69 billion, followed by China ($64 billion), Philippines ($33 billion), Mexico ($31 billion) and Nigeria ($22 billion).

“There is a direct link between crude oil prices and remittances to India. The current spate of high crude oil prices would certainly boost inward remittances given the large number of Indian migrants working in the oil-rich Gulf nations,” global money transfer company MoneyGram