How Indian Workers in KSA are Contributing to the Saudi Arabian and Indian Economies
- Contribution to the Saudi Arabian Economy:
Indian workers in KSA are involved in various sectors, including the oil industry, construction sector, and hospitality industry. These workers contribute significantly to the Saudi Arabian economy by providing labor for various industries and creating employment opportunities for locals.
According to a report by the World Bank, the construction sector is the largest employer of foreign workers in KSA, and Indian workers make up a significant portion of this workforce. The sector has experienced significant growth in recent years due to the government's focus on infrastructure development, creating more employment opportunities for Indian workers.
In addition, Indian workers also contribute to the hospitality industry, which is a significant contributor to the Saudi Arabian economy. The tourism sector has seen significant growth in recent years, and Indian workers play a vital role in providing services to tourists.
- Impact on the Indian Economy:
Remittances from Indian workers in KSA have a significant impact on the Indian economy. According to the Reserve Bank of India, remittances from Indian workers in KSA were around USD 12.5 billion in 2020-21, making KSA the second-largest source of remittances to India.
These remittances contribute to the Indian economy by increasing foreign exchange reserves, providing a source of income for families, and boosting consumer spending. Remittances also create opportunities for investment and entrepreneurship, which can lead to economic growth and job creation.
Indian workers in KSA play a significant role in the Saudi Arabian economy and contribute to the development of various sectors. The remittances they send back home also have a significant impact on the Indian economy, providing a source of income for families and creating opportunities for investment and entrepreneurship. As the labor market continues to evolve, Indian workers in KSA will continue to be an essential part of the workforce and contribute to the growth of both the Saudi Arabian and Indian economies.Alex Jhon Martin