International Migration: An Outline of Capital Migration and its Impact on Economic Growth of India

Abstract

There are multiple reasons for human mobility, but mostly it occurs due to economic reasons as proposed by Ravenstein migration law. International migration tends to bridge the demands of labor within societies and this is an inevitable process. Mostly, people from the low income countries have a quest to move toward high income countries to attain better economic opportunities and enhance their standards of life. As per the official figures, there are over 18 million Indian diaspora abroad, with over 9 million of the Indian emigrants concentrated in the gulf region. The paper focuses on the outflow of the Indian emigrant’s toward high income countries that include high skilled semi-skilled and low- skilled labors, which has led India to become on the top of remittances recipient in the world with estimated amount of 125 billion USD. The present paper systematically discussed the outflow of international labor migrant from India and its impact on Indian Economy. Moreover, the paper further highlighted the contribution of International labor migrants from various countries toward the high income countries. The data used for the current study include latest factsheets and reports of RBI, World Bank, IMF, Asian development Bank, IOM, ILO and UNHCR. Besides, numerous published research papers in the high impact journals were systematically reviewed to enrich the present study.