After benefits of cheap oil, India counts cost of reduced Gulf remittances


  • World
  • Wednesday, 25 May 2016

Laundry is seen hung out to dry outside an accommodation for migrant workers in Labor City, Qatar, January 13, 2016. REUTERS/Naseem Zeitoon/File Photo

NEW DELHI (Reuters) - Having quit his low-paid job with a contractor in Qatar, electrician Kurian Joseph scrabbles for work each day in his hometown in Kerala, a southwestern state that has one of India's highest unemployment rates.

He's a casualty of the global oil price collapse. Stories like Joseph's explain why remittances from Indians working abroad slumped 27 percent in the fiscal year through March to $48 billion (£32.8 billion) - the lowest since the 2008 global financial crisis.

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