Indians spend ₹12,500 crore a month on foreign travel in 2023-24: RBI data
5 months, 3 weeks ago

Indians spend ₹12,500 crore a month on foreign travel in 2023-24: RBI data

Hindustan Times  

Indian citizens, over the past year, have spent significantly more on overseas travel, according to the Reserve Bank of India data. With an increase in the number of Indians travelling abroad, the outward foreign exchange remittance jumped to $1.42 billion a month on an average in 2023-24, as compared to just $400 million in 2018-19. Indians saw a significant bump in their overseas travel expenses According to RBI data, Indians took out a total of $17 billion in 2023-24 for overseas travel under the central bank's liberalised remittance scheme, a 24.4 per cent bump compared to last year. Foreign travel for Indians accounted for over 53 per cent of the total outflows in FY2024, emerging as the country's primary source of remittance outflow. Resident Indians invested $100 million abroad per month on average in 2023-24, showed the RBI data.

Travel Cent Foreign Rbi Foreign Travel Indians Spend Rbi Data Overseas Travel  indians  spend  data  crore  overseas  month  billion  remittance  cent  rbi  202324  12500  foreign  abroad  travel

History of this topic

Mint Primer: Are foreign tourists giving India a miss?
2 weeks, 5 days ago

Mint Primer: Are foreign tourists giving India a miss?

Live Mint  

How many foreign tourists visit India? In 2023, foreign tourist arrivals in India grew 43.5% to 9.3 million from 6.4 million in 2022. In the first half of 2024, some 4.8 million foreign tourist arrivals have been registered. In 2023, international tourism reached 89% of pre-pandemic levels and in the first half of this year, it has gone up to …

More Indians than ever are going on holiday abroad—so where are they heading and why?
3 months, 1 week ago

More Indians than ever are going on holiday abroad—so where are they heading and why?

New Indian Express  

Ross Bennett-Cook, University of Westminster Travel is on the rise again. South Africa’s simplified visa scheme will also start in 2025, while other nations including Malaysia, Kenya, Thailand and Iran have scrapped visa requirements for Indian tourists entirely. Tour operator Thomas Cook reported in May that Indian demand for holidays in Georgia has surged by a staggering 600% year-on-year since …

Foreign Tourist Arrivals In India Highest Since Pandemic, ‘Desis’ Flying Abroad More Than Ever - News18
3 months, 4 weeks ago

Foreign Tourist Arrivals In India Highest Since Pandemic, ‘Desis’ Flying Abroad More Than Ever - News18

News 18  

The arrival of foreign tourists in India has not surpassed the numbers of 2019 but the departure of Indians abroad has reached an all-time high this year, as per an official data analysed by News18. The mid-year figures of Foreign Tourist Arrivals and Indian Nationals Departures for the year 2024 have shown improvement when compared to the data from 2023 …

Despite air travel boom, foreign tourist arrivals still lower than pre-Covid days
4 months ago

Despite air travel boom, foreign tourist arrivals still lower than pre-Covid days

Hindustan Times  

Indian carriers are adding new destinations by the day and increasing frequencies to existing ones. With Goa as the tourist capital of India, the appeal by the prime minister to visit domestic destinations may not have yielded results as we headed into a pandemic post that call in 2019. But even as new peaks are reached in air travel, the …

India saw 92 lakh foreign tourist arrivals in 2023: Economic Survey
5 months ago

India saw 92 lakh foreign tourist arrivals in 2023: Economic Survey

The Hindu  

India saw 92 lakh foreign tourist arrivals in 2023, signifying a positive post-pandemic revival, the Chief Economic Advisor has said in the Economic Survey released on July 22. The Union Tourism Ministry has initiated the Incredible India Tourism Facilitator Certificate Programme to formalise employment within the sector and aims to create a skilled cadre of tourist facilitators nationwide through a …

RBI Governor Shaktikanta Das: CAD for 2023-24, 2024-25 to be eminently manageable
10 months, 2 weeks ago

RBI Governor Shaktikanta Das: CAD for 2023-24, 2024-25 to be eminently manageable

The Hindu  

“With India’s current account deficit declining sharply to 1% of GDP in Q2:2023-24 from 3.8% in Q2:2022-23,” RBI Governor Shaktikanta Das on February 8 said going ahead, the net balance under services and remittances would remain in large surplus, partly offsetting the trade deficit. Moreover, with around 10.2% share in world telecommunications, computer and information services exports, India is a …

Indians Become 2nd Largest Group of Overseas Visitors to Fly into US This Summer with 500,000 Travelling
1 year, 1 month ago

Indians Become 2nd Largest Group of Overseas Visitors to Fly into US This Summer with 500,000 Travelling

News 18  

Indians are the second biggest overseas visitors to the United States this summer, a report by the US commerce department’s National Travel and Tourism Office for the second quarter of 2023 revealed. The “Inbound Survey of International Air Travellers ” report showed that Indians braved the long waiting time for interviews and sky-high airfares to become the second biggest overseas …

India’s Foreign Exchange Earnings Through Tourism Could Reach Pre-Covid Level in 2023
1 year, 4 months ago

India’s Foreign Exchange Earnings Through Tourism Could Reach Pre-Covid Level in 2023

News 18  

The Covid-19 crisis crippled the tourism sector to great lengths. During the four-month period, the foreign exchange earnings were reportedly at Rs 71,235 crore compared to Rs 23, 584 crore in the same duration in 2022. In case you are wondering, these numbers reportedly reached Rs 2.1 trillion in 2019 through tourism, which was an increase of 8.3 per cent …

India becomes Asia’s highest source of international travelers, especially US
1 year, 6 months ago

India becomes Asia’s highest source of international travelers, especially US

Live Mint  

Indians have been traveling abroad more, particularly to the United States as it is trying to accommodate the new tourism boom by opening two new consulates in the South Asian country, according to a report published by Reuters. The international travelers from India exceeded those of China, South Korea, and Japan last year, the tourism consultancy IPK International said. Geoff …

India registers 190% rise in YoY outbound travel, highest in Asia: Report
1 year, 7 months ago

India registers 190% rise in YoY outbound travel, highest in Asia: Report

Live Mint  

A recent report has stated that India emerged as the largest source market for outbound travelers in Asia in the year 2022. The report published by IPK International and published in ITB Berlin 2024, states that India's outbound travel market exceeded those of China, South Korea and Japan in Asia. With around ten million foreign trips, India is thus the …

International travel is yet to shake off pandemic blues but students go abroad in record numbers
2 years ago

International travel is yet to shake off pandemic blues but students go abroad in record numbers

The Hindu  

Even as international travel, whether for employment or tourism or business, is yet to fully bounce back from its pandemic-induced trough, the first 11 months of 2022 have witnessed a record number of Indian students go abroad on student visas. The data compiled by the BoI, which collects the data on Indians going abroad based either on their verbal disclosure …

Top banker tells rich Indians to load up on foreign stocks
3 years, 3 months ago

Top banker tells rich Indians to load up on foreign stocks

Live Mint  

The top private banker to India’s wealthiest is advising its clients to load up on overseas equities as a softening of rules makes it easier to access higher returns available in other parts of the world. “The returns offered by some overseas markets are higher than what investors can get from Indian equities,” said Srikanth Subramanian, chief executive officer for …

India Inc's overseas direct investment declines 31% to $1.85 billion in February
3 years, 9 months ago

India Inc's overseas direct investment declines 31% to $1.85 billion in February

The Hindu  

India Inc's overseas direct investment fell by 31% to $1.85 billion in February this year, the RBI data showed. Of the total investment made by Indian companies in foreign markets, $1.36 billion was in the form of loan; $297.37 million comprised as equity investment and the rest of $183.82 million was by way of issuance of guarantee, according to the …

Investor exuberance amidst real economy recession
3 years, 11 months ago

Investor exuberance amidst real economy recession

The Hindu  

I T is a paradox that has periodically recurred in recent times. Thus, over the April-September of 2019, India’s balance of payments showed a current account deficit of $22.6 billion, and it was only because net capital inflows were a much larger $41.7 billion that the country recorded a $19.1 billion increase in reserves. To summarise, the record reserve accumulation …

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