Indians spent nearly $10 billion on overseas travel in just nine months last year from April to December, more than in any full financial year, reports Mayur Shetty. The previous highest spending in a financial year was in FY20 when Indians spent $6.9 billion on overseas tours.
After taking into account the exchanges spent educationmaintaining relatives, gifts and investments, Indians have sent $19.354 million during the current budget, show the latest data released by RBI. This is close to the $19,610 sent overseas in FY22, which was a record year for remittances.
Compared to a monthly average of less than $1 billion in remittances through FY18, Indians are now spending nearly $2 billion. While the share of travel is increasing, Indians are spending less on supporting relatives staying abroad. The amount sent abroad for investment in stocks remained stable while the share of money sent for education decreased.
After taking into account the exchanges spent educationmaintaining relatives, gifts and investments, Indians have sent $19.354 million during the current budget, show the latest data released by RBI. This is close to the $19,610 sent overseas in FY22, which was a record year for remittances.
Compared to a monthly average of less than $1 billion in remittances through FY18, Indians are now spending nearly $2 billion. While the share of travel is increasing, Indians are spending less on supporting relatives staying abroad. The amount sent abroad for investment in stocks remained stable while the share of money sent for education decreased.
