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Indians Spend Nearly $1 Bn Each Month On Travel Outside Country: RBI
Indians top travel destinations are Europe, Indonesia, Vietnam, Thailand, and Dubai
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Indians spend close to USD 1 billion every month on travel abroad, which is much greater than the pre-Covid levels, said Reserve Bank data on external remittances.
The external transfers made by resident individuals under the Liberalized Remittance System (LRS) for "travel" for the April–December 2022–2023 period totalled USD 9.95 billion.
According to RBI data, the corresponding travel expenditures in 2021–22 were USD 4.16 billion and USD 5.4 billion in the year prior to COVID. Over the course of the full fiscal year 2021–2022, USD 7 billion was sent abroad for travel.
"Indians travel the globe with their family and friends. Indians like a number of popular places, including Bali, Vietnam, Thailand, and Europe "Sapan Gupta, a partner at We3Online, remarked.
Meanwhile, Indians' top travel destinations are Europe, Indonesia, Vietnam, Thailand, and Dubai.