Skift Take
Of course, we know that Indians are traveling more than ever, but nothing like statistics to highlight just how significant travel spending has become.
Indian travelers have reached a new peak in overseas spending.
According to data from India's central bank, Indians spent $31.7 billion overseas under the Liberalised Remittance Scheme (LRS), in fiscal 2024 according to a Times of India report.
And more than half of that – 54% – was on international travel: $17 billion. That's a 25% increase from the previous year.
This resurgence comes after a sharp decline in 2021, when international travel spending plummeted to $3.2 billion for Indians due to the pandemic.
The introduction of the Tax Collected at Source (TCS) in October 2023 has impacted the monthly a