1. Union Budget 2017: Economic Survey wants Rs 1.5 lakh cr domestic remittance market ‘leveraged’

Union Budget 2017: Economic Survey wants Rs 1.5 lakh cr domestic remittance market ‘leveraged’

Prescribing the need for leveraging the Rs 1.5-lakh-crore domestic remittance market to enhance financial inclusion for inter-state migrant workers, a highly accelerated growing phenomena in recent times, the Economic Survey said it will vastly enhance the welfare gains of migration and encourage greater integration of the labour market.

By: | New Delhi | Published: February 1, 2017 6:06 AM
The inter-state migration, the survey said using the new Cohort-based Migration Metric, has gone up to an annual average of 9 million/annum during 2011-16 from an average of 4.5 million during 2001-2011. (Reuters) The inter-state migration, the survey said using the new Cohort-based Migration Metric, has gone up to an annual average of 9 million/annum during 2011-16 from an average of 4.5 million during 2001-2011. (Reuters)

Prescribing the need for leveraging the Rs 1.5-lakh-crore domestic remittance market to enhance financial inclusion for inter-state migrant workers, a highly accelerated growing phenomena in recent times, the Economic Survey said it will vastly enhance the welfare gains of migration and encourage greater integration of the labour market.

Stating that higher labour migration bodes well for a country’s economic future, the Survey said portability of food security benefits, healthcare and a basic social security framework for the migrant through an inter-state self registration process are crucial. “While there do currently exist multiple schemes that address migrant welfare, they are implemented at the state level and hence, require inter-state co-ordination of fiscal costs,” it said.

The inter-state migration, the survey said using the new Cohort-based Migration Metric, has gone up to an annual average of 9 million/annum during 2011-16 from an average of 4.5 million during 2001-2011. The annual growth rate of labour migrants nearly doubled in 2001-11 from 1991-2001 as a result of surge in economy and with the increase in returns to migration.

The survey results are in stark contrast with the popular notion that migration in India is low and not increasing rapidly, but are in consistence with the popular conception that less affluent states see more out-migration while the most affluent are the largest recipients of such people.

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