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Indian Travel Spending Dips in March
24 May
Summary
- Overseas travel spending by Indians decreased in March.
- Holiday trips and credit card spending were the largest expenses.
- Education-related travel formed a significant portion of spending.
Spending by Indians on overseas travel decreased in March. The total outflow under the Liberalised Remittance Scheme (LRS) was USD 1.09 billion, a drop from USD 1.3 billion recorded in February. This data comes from the Reserve Bank of India's reports on outward remittances.
Holiday trips and international credit card settlements constituted the largest portion of this spending, accounting for USD 623 million. Additionally, travel related to education represented a significant component, with USD 450 million allocated for such purposes.
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