Over half of overseas remittances on travel – Economy News

Indians have spent a record $31.7 billion dollar under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS) in FY24, an increase of 17% on year.

The bulk of the spending —$17 billion or 53% of the total  — was on account of foreign travel, followed by spending on maintenance of relatives at $4.6 billion.

The share of travel in the total spending under LRS has risen sharply from 3.5% in FY12 to 37% in FY20 and 50% in FY23. Indians have spent $3.6 billion on gifting friends or relatives residing abroad and $3.5 billion for studying abroad last fiscal.