Indians Spending Nearly 1 Billion Dollars Per Month On Foreign Travel: RBI
NDTV
During the April-December period of 2022-23, the outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals towards 'travel' was USD 9.95 billion.
Indians are spending nearly USD 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 USD 9.95 billion.
The corresponding spending on travel during 2021-22 was USD 4.16 billion, and USD 5.4 billion in the pre-Covid year 2019-20, according to the RBI data. The outward remittances towards travel were USD 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.
