NEW DELHI: India will lose about 300 million dollars a year because of stoppage of nonresident Indian remittances from Iraq and Kuwait and decreased Indian exports to these two countries.
Federal finance minister Madhu Dandavate, clarified Monday that 200 million dollars would be lost on account of NRI remittances and other hundred million dollars because India’s exports to Iraq and Kuwait have been hit adversely.
In an interview published Monday, Dandavate had wrongly been quoted to say that India’s loss on these two accounts would be three billion dollars a year.
Article extracted from this publication >> October 5, 1990
