Do you know how much Money does NRI Goans Contribute to Goan Economy?

Goa does have lots of opportunities and the amount of money that one gets is not sufficient to take care of the family and to bridge this gap many Goans travel abroad in a search of a good life, they leave their country, state and family behind, sometime they may even look little selfish, but do you know how much remittances they send back to our state?

With a shortage of employment opportunities in the coastal state, many Goans have resorted to move and settle abroad in countries like England, Portugal and the Middle East. With the privilege of obtaining Portuguese passports, it has become easier for Goans to move out of the country. 

Job opportunities in the Middle East have encouraged people to migrate to the Gulf and earn money and send remittances to their family. Although the laws do not allow Goans to settle in the Gulf, still a significant percentage of Goans work in the Arab states. 

The UK has become a second home to Goans. With the end of Portuguese dominance in Goa at 1961, the Portuguese Government granted a special privilege to the citizens of Goa in order to maintain good relations with the country. Thus, this leads to Goans acquiring Portuguese passports which allowed them to move, work and settle in any country that belonged to the European Union.

Goans normally move to London or Swindon where an abundance of job opportunities are available. Most of the times, they are employed as cleaners, drivers, or get jobs in the hotel and airport. They often live in shared accommodations and manage to make the ends meet. While the rest, who have good educational qualifications find a good job in a company or any administrative sector and earn a good living. Many families are well-settled in the UK and earn a good amount of income.

Goans are spread far and wide across seas, and so these Goans NRIs make a deposit in their Indian banks. This NRIs earning abroad have contributed a significant share to the Goan economy. 

According to Goa Prism, the deposits made by Non-Resident Indian (NRI) with all commercial banks in Goa stand a straggling Rs 14,547 crore as of June 30, 2018. The banks in the state are seeing the huge numerical of cash being deposited into the banks, which is a whopping of Rs 14,547 crore.

Due to the major reason that Indian banks offer much higher interest rates than the banks in developed economies like Europe and the US, NRIs often make deposits in banks branches in the state of Goa. 

Moreover, banks in Goa have attractive offers for the NRI, who deposit features like interest income is tax-free and complete reliability of deposits. Thus encouraging NRIs to deposit in their banks; the banks in the state are reported to have huge numerical of cash being deposited which is a whopping of Rs 14,547 crore.

In many cases, people who move out to other countries from Goa are disregarded that they do not share their contribution in Goa’s development and do not respect the state. Often they are mocked for the low-grade jobs that they are employed in the UK. But we cannot ignore the tough competition that exists and how hard it gets to get a good job. But the fact remains that NRIs are contributing a major share to the development and the economy of Goa. 

The reports gives a clear answer according to which, the distribution was seen to be Rs 7,542 crore worth of NRI’s deposits in the bank branches of North Goa and Rs 7,005 crore worth of NRI’s deposits were in bank branches of the South Goa.

Apart from this, Goans have upheld a good image outside the country. They are known for their fun and loving attitude along with their honesty and efficiency in the job they do. The NRIs from Goa are still bonded to their roots and culture and are contributing to its development. 

Many a times, people have to move away from their family and home to live in another country and adjust to its environment. Goans in the Gulf have created cultural groups to feel at home and be close to their culture.