According to the most recent figures from the Reserve Bank of India (RBI), Indians spent $12.51 billion on international travel between April and February of fiscal 2022–23, an increase of 104% over the same period in the previous year.
A brief about in April-February of FY23, Indians spent $12.51 billion on international travel
Under the RBI’s Liberalised Remittances Scheme (LRS) for Resident Individuals, domestic travellers spent $6.13 billion in total between April and February of FY2022.
Indian citizens can send up to $250,000 each fiscal year under the LRS.
In 2020 and 2021, international travel was prohibited because of the Covid epidemic. Indians began visiting foreign countries when the travel restrictions were lifted and flights resumed in 2022.
Indian travellers spent $1.07 billion abroad in February 2023, a 9.2% increase over the same period in 2022. However, spending on foreign travel fell by 28% in February 2023 as compared to the prior month. Indians spent $1.49 billion on travel abroad in January 2023, according to statistics.
International travel accounted for about 52% of all outgoing remittances made by residents under the LRS between April and February of fiscal 2023.
Indians spent a total of $6.9 billion on international travel in the fiscal year 2021–2022.
The information showed that in the first eleven months of FY2023, resident individuals’ outbound remittances under the LRS totaled $24.18 billion. The figures showed that the outward remittance in February alone was $2.1 billion.
The total amount of outbound transfers made under the LRS in FY2022 was $19.61 billion.
