Indians spend 3.5 times more on foreign travel than they did 5 years ago
By PBNews According to Reserve Bank of India data, Indians took out a total of $17 billion (Rs 1,41,800 crore) in 2023-24 for overseas travel under the RBI’s liberalised remittances scheme (LRS). This is 24.4 per cent more compared with $13.66 billion in the previous year.
Indians are spending a lot more on overseas travel. And with a rise in the number of those travelling abroad, the they took out (outward foreign exchange remittances) jumped to almost $1.42 billion (around Rs 12,500 crore) a month on an average in 2023-24 compared with just $400 million (about Rs 3,300 crore) a month on an average five years ago in 2018-19.
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