Thiruvananthapuram, Aug 13 - Foreign remittances to Kerala increased 135 percent during 2003-08, making it one of the major pillars of the state's economy, says a study conducted by the city-based Centre for Development Studies (CDS).

The report, 'Decade of Kerala's Gulf Connection, Migration Monitoring Study, 2008', said foreign remittances increased from Rs.184,000 crore ($38 billion) in 2003 to Rs.433,000 crore in 2008.

During the period, the number of emigrants went up from 18.4 lakh to 21.9 lakh, registering an increase of 19 percent.

According to the study, the Gulf region is the most preferred destination of Keralites looking for jobs abroad.

Saudi Arabia, which was once the most favourite destination of Keralites going abroad for work, is fast losing its attraction, the study said.