Why is so much money suddenly coming to India from THESE countries, and who is sending it?
New Delhi: Due to the depreciation of the Indian rupee, the Indians living in the Gulf countries like the United Arab Emirates (UAE) and Saudi Arabia have increased remittances back to India. It is important to note that the rupee has weakened against the AED (UAE's currency), with one AED now valued at approximately Rs 23.5 — the lowest since the beginning of April. The fall in the rupee's value has prompted Non-Resident Indians (NRIs) to quickly send money home.
There has been an increase in AED-INR transactions since June 19. Officials at currency exchange houses say NRIs are no longer waiting for further depreciation. Those who have even a small amount of money are remitting it immediately. A senior official at a UAE exchange house told Gulf News, 'Last Thursday was the best day in recent weeks to send money through AED-INR.' He also mentioned that although the rupee briefly strengthened to 23.46, most NRIs continued to remit funds. Remittances Usually Dip in June
Remittances generally decrease in June. This is because many Indians spend on travel and other expenses during the summer holidays. However, this year, the pattern has changed due to decrease in the value of rupee. Remittance volumes remained steady even over the weekend and are expected to stay strong through Monday.
Officials from exchange houses say that if the rupee remains weak or falls further in July, it will benefit those sending money. One official said, 'If the rates stay at this level or drop again, it will be a double advantage.' Growth Seen Despite Geopolitical Uncertainty
It is important to note that the growth has come despite geopolitical uncertainty, including the conflict between Israel and Iran. Typically, such events lead investors to turn to the US dollar as a safe haven. However, this time, gold has played that role.
In simple terms, the decline in the value of the rupee has proven beneficial for NRIs. They are able to send more rupees to India while spending fewer AED. As a result, they are taking advantage of this opportunity and remitting more money home.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
28 minutes ago
- Mint
Auto lobby Siam to revisit emission norms for small cars amid Maruti's protests
Indian car manufacturers are driving towards a compromise on recommendations to the government on fuel efficiency standards after Maruti Suzuki, the country's largest carmaker, demanded concessions on emission norms for small cars amid slowing sales. During a meeting of the industry lobby group Society of Indian Automobile Manufacturers (Siam) held on Friday in the national capital, a compromise was reached that the December submission of the industry sent to the government on the third edition of the so-called Corporate Average Fuel Efficiency (Cafe 3) norms will be retained, but with an additional proposal on possible relaxations for small cars as well as some light commercial vehicles, two people aware of the matter said on the condition of anonymity Representatives from member automakers like Maruti Suzuki India Ltd, Tata Motors Ltd and Mahindra and Mahindra Ltd, among others, agreed to refer the matter to the chief executive council of Siam, which will now deliberate on the technical details. While Maruti presented its case for a need to relax norms for small cars, other automakers provided a united opposition to the market leader at the meeting. After hard negotiations, the lobby group agreed to work on a proposal in the form of an addendum to the December submission, which will be incorporated if it gets accepted by all companies. Siam takes all its decisions by consensus. 'Now, all the members will study and come back with their suggestions on the addendum. There has been no clear timeline set, but the process should conclude soon," the first of the two persons cited earlier said. Queries sent to Siam remained unanswered till press time. Maruti Suzuki, which sells nearly every second car in India thanks to its portfolio of small and compact vehicles, has sought specific relaxation for cars weighing under a tonne in the upcoming Cafe 3 emission norms. This comes after all automakers, including Maruti, had sent the government a unanimous proposal in December for a uniform relaxation of emission norms for all carmakers. 'Siam would like to re-iterate that the proposed norms of BEE (Bureau of Energy Efficiency) are too aggressive and risk the sustainability of the Indian Auto Industry," the industry wrote in its December submission. Cafe 3 rules, set to take effect from April 2027, aim to slash the average carbon dioxide (CO2) emissions of new passenger vehicles. The proposed target is a fleet-wide average of 91.7 grams of CO2 per kilometre for a typical vehicle weighing around 1,170 kg. The proposed norms allow a comparatively higher CO2 emission target for heavier vehicles than lighter vehicles, which is being disputed by Maruti. Cafe 3 norms place a cap on the average carbon dioxide emissions of a carmaker's entire fleet, which is currently set at 113 grams per kilometre. Chairman of Maruti Suzuki RC Bhargava has publicly said the norms are punishing smaller cars and favouring bigger ones. Siam data shows that domestic sales in the mini segment (cars up to 3.6-metres in length) fell from 460,772 units in FY19 to 133,397 in FY25, a 71% decline. Maruti's sales in the mini segment fell from 368,990 units in FY19 to 125,770 units in FY25, a fall of 66%. Shailesh Chandra, president of Siam, and managing director of Tata Motors' passenger vehicles business, acknowledged during an industry event on 15 July that the view on December consensus of some players had changed. 'Of late, we have seen certain manufacturers have formed a different view (on Cafe-3)," Chandra said, adding that the December 2024 consensus was reached after months of deliberations among automakers. However, he struck a cautious note when asked whether the December consensus will be completely reworked. 'We will have to follow the process and basis that we can say if there is a change or not," he said. As per the two persons cited earlier, the industry has pushed for the retention of the consensus, which was reached after at least 6 months of negotiations among all the members of the automakers. After much deliberations, an agreement was reached on working on an addendum on relaxations as the government had asked for Siam's recommendations on the issue in June. The government has also asked its own agencies to study the issue. Mint reported on 10 July that the Bureau of Energy Efficiency, which is tasked with finalizing Cafe 3 and 4 norms, is studying the viability of easing these emission norms for small cars, the second person quoted above said.
United News of India
41 minutes ago
- United News of India
Technopark, India's first IT Park, turns 35
Thiruvananthapuram, July 27 (UNI) Technopark, India's pioneering IT campus located in Kerala's capital, is set to complete its 35th anniversary on July 28. What was once a tranquil expanse of cashew groves at Vaidyankunnu near the National Highway has transformed into one of Asia's largest and greenest IT parks. Technopark, the flagship of Kerala's IT vision, owes its remarkable evolution to visionary leadership and sustained bipartisan political support. Over the decades, it has played a pivotal role in reshaping Thiruvananthapuram into a thriving technology hub, powering Kerala's transition to a knowledge-driven economy. Technopark has been central to the development of Kerala's IT ecosystem. With state-of-the-art infrastructure, green-certified campuses, and a business-friendly environment, it has attracted a diverse mix of global IT giants, Indian majors, and fast-growing startups. Today, Technopark is a major contributor to Kerala's IT exports, which reached ₹13,255 crore in 2023–24 and are projected to grow by at least 15% in 2024–25 (official figures awaited). It continues to play a vital role in driving the state's overall economic development. Brahmasoft which later evolved into RR Donnelley through a series of acquisitions and now employs over 2,000 people was the first company to begin operations in Technopark's inaugural building, Pamba. Among the early anchor tenants was Tata Consultancy Services (TCS), which not only commenced operations during the Park's formative years but also played a key role in shaping its master plan that helped lay the foundation for Technopark's long-term infrastructure development and growth. 'Technopark has been an ecosystem enabler with a proud legacy, empowering global companies, SMEs/startups, and emerging tech players for 35 years,' said Col Sanjeev Nair (Retd), CEO of Technopark. 'With strong ESG principles, a consistent CRISIL A+/Stable rating for four consecutive years demonstrating creditworthiness and financial health along with landmark expansions and a vibrant ecosystem, we are entering a new era of innovation.' He added that Thiruvananthapuram, the capital city of Kerala with its rich talent pool and exceptional quality of life, has naturally evolved into a hub for technology-driven growth. 'The availability of skilled talent, mature infrastructure, low attrition rates, affordable cost of living, and government-backed land leasing policies continue to be Technopark's strongest advantages,' he said. Today, Technopark spans five campuses (four in Thiruvananthapuram and one in Kollam) across 760 acres, offering 12.72 million square feet of developed IT space. It hosts over 500 companies, including leading industry names such as Infosys, UST, TCS, HCLTech, Accenture, Tata Elxsi, Allianz, Guidehouse, Nissan Digital, Oracle, IBS, Quest Global, Toonz Animation etc. Several prominent Global Capability Centres (GCCs) including EY, Allianz, H&R Block, Nissan Digital, Accenture, Equifax, Insight, ICON, RM Education, and Safran have established significant operations at the park. Technopark is also home to state-led institutions that drive innovation and skill development, such as the Kerala Startup Mission, Digital University Kerala, ICT Academy of Kerala, Kerala Space Park, and the upcoming Digital Science Park. Further underscoring its global appeal, offshore firms like Armada and Dubai Insurance have chosen Technopark as their Indian operations base. Technopark also works with several co-developers to build and operate world-class IT infrastructure. Key partners include Embassy Taurus, Brigade Enterprises Limited, Carnival Technopark, Amstor Information Technology, Padmanabham, M-Square (M2) etc all of whom contribute to expanding the Park's capacity and enhancing its operational ecosystem. Technopark is poised for significant growth, with over 4 million sq. ft. of built-up space under development. These upcoming projects are expected to generate more than 30,000 new jobs. UNI DS SSP
India.com
an hour ago
- India.com
What China And Global Media Are Saying About PM Modi's Visit To Maldives
New Delhi: On July 26, 2025, Prime Minister Narendra Modi participated in the 60th Independence Day celebrations of Maldives as the chief guest. His presence at the event grabbed headlines not only in India and Maldives, but across the world. The visit stood out for several reasons. Maldives' President Mohamed Muizzu had built his 2023 election campaign around the slogan 'India Out'. After coming to power, he had sent strong signals distancing the country from India. He also moved swiftly to forge closer ties with China. His early months in office were marked by a decision to send back Indian military personnel stationed in the Maldives. This was viewed in New Delhi as a potential pivot toward Beijing. That same leader has now invited the Indian prime minister as guest of honour at the nation's biggest official event. The symbolism was unmistakable. It marked a moment that was closely tracked in foreign capitals, especially as China continues its attempts to deepen influence across the Indian Ocean region. Chinese State Media Responds Beijing's Global Times, a state-run publication, published a commentary criticising the tone of Indian media coverage surrounding the visit. According to the publication, some Indian platforms had portrayed the trip as a strategic setback for China and a diplomatic win for India. In its analysis, the Global Times accused Indian media of engaging in zero-sum thinking, suggesting that any gain for India must mean a loss for China. It cited comments from Qian Feng, director at the National Strategy Institute at Tsinghua University, who argued that the Maldives naturally prioritises relations with its neighbours but also pursues a diversified foreign policy, including engagement with China's Belt and Road Initiative. 'These approaches are not in conflict,' he said. Singapore and U.S. Media Weigh In Singapore-based Channel News Asia headlined its coverage: 'India's Modi reshapes ties with Maldives.' Their report highlighted how Modi's visit included new infrastructure partnerships, financial commitments and signs of renewed warmth between the two countries. PM Modi inaugurated a new defense ministry building and Indian-funded projects and announced economic support. According to Channel News Asia, the visit was viewed in New Delhi as reassurance that Maldives would not drift too far into China's orbit. The channel highlighted how Muizzu's early months had raised concerns after he ordered the withdrawal of Indian military personnel. The Washington Post echoed this view. In a detailed report, the paper called the two-day trip 'strategically vital' and said it pointed to India's broader goals of asserting presence across key sea routes in the Indian Ocean. It highlighted the announcement of a $565 million line of credit from India to fund development projects. The publication said the visit may mark the beginning of a shift toward restoring normalcy in bilateral ties. A Look From the UK British daily The Independent took a broader view, framing the visit in the context of recent diplomatic turbulence. The publication emphasised that tensions had risen after the Indian government promoted Lakshadweep as a tourism hub, which some in the Maldives perceived as an attempt to redirect Indian tourists away from their beaches. Celebrities in India had even called for a boycott of Maldives as a travel destination. The report added that President Muizzu chose to visit China before making a trip to India, something that had not gone unnoticed in New Delhi. Muizzu's post-China announcement about reducing dependency on India for essentials like medicines and food also drew concern. But things began to improve when Muizzu attended Modi's swearing-in ceremony earlier this year. That visit set the stage for a gradual warming of ties, culminating in the current trip. A New Phase for India-Maldives Relations Pakistan's Express Tribune said Modi's visit ended on a note of clarity and mutual affirmation. It quoted President Muizzu calling the trip 'a defining moment' in relations between the two nations. In social media posts shared at the conclusion of the visit, Muizzu acknowledged the importance of people-to-people ties and long-term cooperation across sectors. In a reciprocal message, PM Modi said India would stand by the people of Maldives in their aspirations. Germany's Deutsche Welle (DW) provided a strategic lens on the visit. It emphasised Maldives' critical location along shipping lanes in the Indian Ocean. Despite its image as a tourist haven, the report described Maldives as a 'geopolitical hotspot' nestled across 1,192 islands. DW pointed out how this geography has made it a focal point in the growing rivalry between India and China. Their report argued that the region is becoming less about leisure and more about maritime strategy and political influence. What Experts Are Saying According to a commentary by Aditya Shivamurti, associate fellow at Observer Research Foundation (ORF), Maldives' policy initially leaned strongly toward China. He explained how 'India Out' had dominated discourse in 2023, and India's presence was sharply reduced. But by 2024, Shivamurti observed a shift. The domestic economic situation in Maldives worsened. Parliamentary dynamics changed. Chinese promises failed to meet expectations. These developments pushed Muizzu to reassess foreign policy. The analysis added that India responded with pragmatism. It avoided escalation and focused instead on diplomatic engagement and support. In return, the Maldives leadership began acknowledging India's critical role in areas like health, development and infrastructure. ORF's report concluded that both countries are now trying to separate foreign policy from domestic politics. While the Maldivian Democratic Party has historically been seen as pro-India and the ruling PNC as leaning toward China, Muizzu seems to be moderating that binary. He has taken steps to respect India's sensitivities, and India, in turn, has extended support. As per Shivamurti's view, the visit was more than symbolic. It was a recalibration. It offered not just headlines, but signs that pragmatism, diplomacy and shared interests are still possible in a region crowded by rival influences.
