Overseas travel spending by Indians falls to $1.09 billion in March
Overseas travel spending by Indians decreased to $1.09 billion in March, down by $212.43 million from February. This decline comes amid Prime Minister Modi's call to reduce foreign travel due to rising oil prices and the weakening rupee. The data indicates that travel remains the largest category of outward remittances under the Liberalised Remittance Scheme.
- ▪Indians spent $1.09 billion on overseas travel in March, a decline from $1.3 billion in February.
- ▪The travel category accounted for the largest share of total outward remittances, which stood at $2.59 billion in March.
- ▪Spending on education-related travel totalled $450.16 million in March, while 'other travel' accounted for $623.05 million.
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Overseas travel spending by Indians, including holiday trips, declined by $212.43 million to $1.09 billion in March compared to February, according to the Reserve Bank data.The outward remittances for travel were at $1.3 billion in February and $1.65 billion in January this year.The RBI data on 'Outward Remittances under the Liberalised Remittance Scheme (LRS) for Resident Individuals' shows overseas spending by Indians under different categories, including travel, maintenance of close relatives, studies abroad, investments in equity and debt.
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