This Article First Appeared In Business Standard On Feb 20, 2023
Indians spent around $10 billion on overseas travel between April and December, a report by the Times of India (TOI) said, citing data from the Reserve Bank of India (RBI). It is the highest ever such figure, even more than the spending in any financial year. Before this, the highest spend on overseas travel in an entire financial year was $7 billion in 2019-20.
The RBI data showed that Indians spent $1.137 billion on travel in December 2022 alone. This takes the total till December in FY23 to $9.947 billion. When the foreign exchange spent on education, gifts and investments is taken into account, the total money sent abroad stands at $19.354 billion. The highest ever in this category was $19.61 billion in FY22.