Over the last few years, it looks like more Indians are travelling abroad. As per RBI’s data, the outward foreign exchange remittance of India has reached $1.42 billion (around ₹12,500 crore) a month, on average, in 2023-24. This is 24.4% higher than that of the previous year! Foreign travel has been a massive boom over the past couple of years and this number shows just that.
RBI Reveals Indians Spend ₹12,500 Crore A Month On Foreign Travel
The Reserve Bank of India (RBI) has revealed that Indians are spending significantly more on foreign travel than ever before. As per their latest data, the outward foreign exchange remittance has gone up to $1.42 billion (around ₹12,500 crore) a month in 2023-24. To help you understand better, these numbers were just $400 million (₹3,337 crores) in 2018-19.
It basically means Indians are travelling overseas more and are spending more while they’re out there. RBI data further mentioned that Indians took out a total of $17 billion (₹1,41,800 crore) in 2023-24 for overseas travel. This was under the central bank’s liberalised remittance scheme (LRS) and as per a report in Hindustan Times, it also showed a 24.4% jump compared to last year.
As per LRS guidelines, all Indian residents can remit up to $250,000 (approximately ₹2.08 crore) abroad a year without prior approval from the RBI. According to the Hindustan Times report, Foreign travel for Indians accounted for over 53% of the total foreign exchange outflows in the 2023-24 financial year.
What Is Causing This Travel Boom For Indians?
One of the biggest reasons for this foreign travel boom by Indians can be attributed to an increase in disposable income and the growth of the middle class. Aspirational travel by the masses, especially the middle class, has increased the number of overseas trips by Indians. This trend became quite popular after the COVID-19 pandemic restrictions were lifted. And not just travelling, Indians have also made significantly more foreign investments this year, as per RBI data.
What are your thoughts about this data by RBI? Let us know in the comments section.
Cover Image Courtesy: Canva (representative image)
For more such snackable content, interesting discoveries and the latest updates on food, travel and experiences in your city, download the Curly Tales App. Download HERE.