Under 140 Characters
In the span of 4 years, the amount Indians spend on foreign travel has gone up to 253 times!
What Is It?
With the booming tourism, Indians are exploring foreign countries more and more. Comparing the statistics of 2014 vs 2018, the money spent by Indians on foreign travel has increased by 253 times. Although, month per month basis is not that big a number, but if you’re comparing years, it shows a big increase. This estimate obviously includes travel, business related trips plus Indian students going abroad to study.
Foreign travel is also picking up in India because credit cards are being relied on for payments more often now. Back in 2014, Indians spend nearly $92 million on overseas travel but in 2018, they’ve spent $4 billion already! But contradictory to that, Indians have cut down on investments and property buying overseas drastically in the past years. If Indians are travelling overseas more often, they’ve surely reduced buying property abroad.
Despite the fact that financing has become easier, Indians still prefer to only travel abroad and not buy property. This could also be because the rupee has been falling drastically in the past few hours. Maintaining/caring for a property abroad can be trouble for people who live primarily in India.