Indians spend over $1 bn monthly on foreign travel
NEW DELHI: Indians are spending nearly $1 billion every month on foreign travel which is significantly more than the pre-COVID levels, reveals Reserve Bank data on outward remittances.
During the April-December period of 2022-23, the outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals towards ‘travel’ was $9.95 billion.
The corresponding spending on travel during 2021-22 was $4.16 billion, and $5.4 billion in the pre-COVID year 2019-20, according to the RBI data. The outward remittances towards travel were $7 billion in the entire 2021-22 financial year.
“Indians are roaming across the world with their families or friends. Vietnam, Thailand, Europe, and Bali are some major destinations that Indians prefer,” said Sapan Gupta, Partner, We3Online.
Europe, Indonesia, Vietnam, Thailand, and Dubai are some of the major destinations that Indians prefer.
Akash Dahiya, Co-founder, SanKash said with the rise of affordable travel and technological advancements, the travel industry is experiencing a massive boom in international destinations.
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