 "The funds sent under the Liberalised Remittance Scheme by resident individuals to study abroad rose to $278 mn in Sept from $160 mn a year ago.")
The money sent abroad by Indians for travel grew threefold from $316.81 million in February 2021 to close to $1 billion ($980.45 million) in February 2022. This is under the Liberalised Remittance Scheme (LRS) for resident individuals. It crossed the pre-pandemic level of $539.74 million in February 2020.
Reserve Bank of India (RBI) data showed in FY21, Indians spent about $3.23 billion for travel, sharply down from $6.95 billion in FY20.
Travel industry analyst said international travel — leisure and partly business — was inching up with gradual easing of restrictions.
The rise in spending partly captures advance payments for future travel.
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