Now Reading: Indians cut overseas travel spending to $1.09 bn in March
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Indians cut overseas travel spending to $1.09 bn in March
Overseas travel spending by Indians fell by $212.43 million to $1.09 billion in March compared to February, according to Reserve Bank data. The overall outward remittances under the Liberalised Remittance Scheme stood…
The Story in Brief
Overseas travel spending by Indians fell by $212.43 million to $1.09 billion in March compared to February, according to Reserve Bank data. The overall outward remittances under the Liberalised Remittance Scheme stood at $2.59 billion in March, with travel taking the largest share.
Education-related spending abroad was $450.16 million in March, while maintenance of close relatives cost $389.78 million. Indians invested $440.22 million in equity and debt instruments overseas, up sharply from $265.99 million in February. For the full financial year 2024-25, total outward remittances reached $29.56 billion, with travel accounting for $16.96 billion.
The Indian Opinion
The usual hand-wringing about Indians splurging abroad ignores data. Travel spend fell in March, not from government nudges but likely seasonal lull. The real story is that education and maintenance remittances remain high. Those blaming tourism for rupee weakness should watch investment flows, which jumped to $440 million. That suggests capital leaving, not just holidays.
Source: millenniumpost.in
This story was synthesised by AI from the source linked above.
