Get All Access for $5/mo

Indians Spend Over $1 Billion Every Month On Foreign Travel: RBI Data According to the report, during the April-December period of 2022-23, the outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals towards 'travel' was $9.95 billion

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.


The Reserve Bank of India (RBI) revealed that Indians are spending nearly $1 billion every month on foreign travel which is significantly more than pre-Covid levels, according to a PTI report.

According to the RBI data as cited in the news report further added that, during the April-December period of 2022-23, the outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals towards 'travel' was $9.95 billion. The corresponding spending on travel during 2021-22 was $4.16 billion, and $5.4 billion in the pre-Covid year 2019-20.

Under the Liberalised Remittance Scheme (LRS), all resident individuals are allowed to freely remit up to $2,50,000 or its equivalent per financial year to another country for investment and expenditure. They can also open and maintain foreign currency accounts abroad for executing transactions.

According to RBI data, the spending on outward travel fell sharply to $3.23 billion during 2020-21 mainly due to restrictions following the outbreak of Covid-19. The outward remittances towards travel were $6.95 and $4.8 billion in 2019-20 and 2018-19, respectively.

Akash Dahiya, co-founder, SanKash in the news report was quoted as saying that "With the rise of affordable travel and technological advancements, the travel industry is experiencing a massive boom in international destinations. Seventy-five per cent of our portfolio is now opting for international travel. We are witnessing a surge in demand for places such as Europe, Bali, Vietnam, and Dubai among Indians."

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Starting a Business

He Turned His High School Science Fair Project Into a Product That Solves a $390 Billion Problem: 'This Has Not Been Done Before'

Vasya Tremsin was just 18 years old when he came up with the idea for outdoor fire sensor company Torch Sensors.

Side Hustle

This Mom Started a Side Hustle on Facebook — Now It Averages $14,000 a Month and She Can 'Work From a Resort in the Maldives'

Heather Freeman was searching for a way to make some extra cash — and her cousin gave her a great idea.

Business News

Why Does Taylor Swift Keep Stopping Her Shows Mid-Song? It's Actually a Great Lesson in Leadership.

Taylor Swift has paused nearly half of her shows while on the European leg of her Eras tour, and the reason is something leaders can learn from.

Growing a Business

Summer's Here, But It's Not Too Early to Think About Your Holiday Inventory. Here's Why — and How to Plan Successfully

Let's look at six ways you can successfully plan for increased inventory demand during the holiday season.

Growing a Business

5 Ways to Reduce Cash Flow Delays in Your Business

82% of businesses fail due to cash flow problems. Are you taking proactive steps to fix cash flow bottlenecks and ensure your business grows steadily and remains financially stable?