By Indians April-Dec. Meanwhile, a record $10 billion was spent on foreign travel

New Delhi: From April to December, Indians have spent nearly 10 billion dollars on foreign travel.

According to the Reserve Bank of India report, this is the highest figure ever. This is the highest expenditure by Indians on foreign travel in any financial year.

In the previous financial year 2019-20, the highest expenditure on foreign travel was 7 billion dollars. In December alone, Indians spent $1.137 billion on travel

RBI data shows that Indians spent $1.137 billion on travel in December 2022 alone. With this, the total money spent by Indians on foreign travel till December 2023 has reached 9.947 billion dollars.

At the same time, if foreign exchange spent on education, gifts and investment are added, the total remittances abroad are $19.354 billion.

However, as the expenditure on travel continues to rise, Indians are now spending less on their relatives living abroad. The share of remittances in total foreign expenditure has declined from 26 per cent in 2017-18 to 15 per cent in 2022-23.

Since the financial year 2017-18, remittances sent abroad to invest in equity shares have been around $10 billion annually.