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How NRIs keep India’s Current Account Deficit in Check

Last year, the approximately 20 million Non-Resident Indians (NRIs) remitted $69 bn to India.  That is 3% of the GDP.  This ensured the Current Account Deficit remained within the 2% range, as opposed to what should have been 5%.  Per Capital Economics, a research group, remittances will further rise by 5-6% in future and the Current account deficit will remain within 2.5% of GDP.

Source: Economic times