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Eastern Uttar Pradesh has seen the fastest growth in remittances from the Persian Gulf due to rising manpower migration.
The state accounts for a large number of people migrating to West Asian countries to work as construction labourers. However, in terms of remittances, Uttar Pradesh lags Kerala, Punjab, Andhra Pradesh (undivided) and Tamil Nadu, said UAE Exchange & Financial Services Managing Director V George Antony. He said the value of individual remittances in Uttar Pradesh was still lower than these states. However, Uttar Pradesh was slowly catching up.
The bulk of the remittances coming to Uttar Pradesh originate from the UAE, Qatar, Saudi Arabia, Jordan and Oman, followed by the US and Canada.
Inward remittances stood at about $72 billion last year. Currently, UP accounts for less than five per cent of inward remittances to India.
Inward remittances are made either through bank accounts or cash transactions. Transfers via bank accounts form the major chunk of remittances (90 per cent) and cash transactions account for 10 per cent, he added.
The company was planning to open direct branches in Maharajganj, Mau, Jaunpur, Kanpur, Rae Bareli and Lakhimpur Khiri districts. “Uttar Pradesh has a huge potential and in the next two years, we plan to expand our reach to 50 with 100 branches across the state,” he said.
The company now operates through 17 direct branches and 2,000 direct agents, employing 200 people directly and 2,000 people indirectly.
He said in the last two years, the number of people going abroad for employment opportunities had grown drastically.
INFLOW BOOM
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Eastern Uttar Pradesh receives highest remittances from Gulf countries
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The state has the largest number of people migrating to West Asian countries
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In terms of value of remittance, UP lags Kerala, Punjab, Andhra Pradesh (undivided) and Tamil Nadu
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Bulk of the remittances come from the UAE, Qatar, Saudi Arabia, Jordan and Oman, followed by the US and Canada
