Travel Drives India's International Spending to 10-Month High - India Report
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$2.8 billion: That was the international spending by Indians in July 2024. It was the highest amount in 10 months and led by growth in travel spending: Data from the latest bulletin from India’s central bank showed that Indians spent $1.7 billion for travel. Last year, Indians spent $1.4 billion.
For the 12 months between August 2023 and July 2024, it was the third-highest level, according to an analysis of the Reserve Bank of India (RBI) data. Last August, Indians spent over $2 billion on international travel, followed by $1.8 billion in September.
Travel accounted for about 60% of all overseas spending during the period, except for a dip in the January to March quarter.
More Spending on Travel: There has been an increase in overall spending on travel internationally. RBI data shows that in the 2022-23 financial year, travel spending accounted for 50% of all overseas remittance. The following year, it had increased to nearly 54%. Now it's roughly 56%.
This increase can be attributed to the increase
