Gulf Keralites poor on savings: Survey
Only five per cent of the non-resident Keralites working in Gulf countries are financially well off.india Updated: Aug 14, 2006 13:33 IST
Only five per cent of the non-resident Keralites (NRKs) working in Gulf Cooperation Council (GCC) countries are financially well off to lead a comfortable life after returning to India permanently, as they lack proper knowledge of savings, says a survey.
Another reason behind the problem is the failure of the Kerala government to provide sound investment avenues to NRKs, the Khajeej Times said in a report.
"The government should introduce a comprehensive investment scheme for NRKs to help them save while they work," said KV Shamsudheen, chairman of the Pravasi Bandhu Welfare Trust, which conducted the survey.
Kerala received Rs 2,200 million ($47 million approx) last year as remittance from NRKs.
If the state government could mobilise even 10 per cent of the yearly remittance for infrastructure development, it could change the face of the state," Shamsudheen said.
He added: "Kerala can easily follow the Chinese model for tapping expatriate economic resources and expertise for development projects."