It is very evident how the demand for travelling all around the world is increasing every day, especially after the long halt because of the COVID-19 pandemic. And now even reports are stating the same. Reserve Bank data shared with the Outward Remittances that Indians are now spending almost a billion dollars each and every month to go on international holidays. In fact, the number increased to a great extent after the pandemic and lockdowns.
Indians Are Shelling Out Billions For Overseas Vacations
It seems like anywhere and everywhere you travel, you will see Indians also taking a trip to that destination. Indians are spending a huge amount of money every month to fulfil their desires and dreams of exploring the world, be it solo, with family members, or with friends. According to a report by The Print, the outward remittances under the Liberalised Remittance Scheme for travelling were about US 9.95 billion dollars. This number is the outward remittances for only the residents during the time of April to December 2022-23.
The expenditure for overseas travel was very different in the past years. During the time period of 2021 to 2022, the amount spent was US 4.16 billion dollars. The Reserve Bank data also shared the spending was US 5.4 billion dollars during the time period of 2019 to 2020.
The present financial year is seeing the highest expenditure for foreign travel. More than any year before, Indians have already spent about US 10 billion dollars in the 9 months for taking international trips, as reported by The Times Of India.
These Are The Destinations Where People Mostly Travel To:
There are so many destinations all around the world to plan holidays. But there seem to be a few places that are really favourites of many Indians. Most people are going on holiday in these countries. Let’s take a look at the most preferred destinations.
Akash Dahiya is the co-founder of SanKash and he shared that the demand for overseas travel is witnessing such a surge because of the affordable travel options and technological developments.
What are your plans for international travel this year?
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