{"id":1243172,"date":"2023-02-27T10:24:13","date_gmt":"2023-02-27T04:54:13","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1243172"},"modified":"2023-02-27T10:24:46","modified_gmt":"2023-02-27T04:54:46","slug":"indians-spending-rs-8000-crore-per-year-on-foreign-travel-these-destinations-are-most-popular","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/indians-spending-rs-8000-crore-per-year-on-foreign-travel-these-destinations-are-most-popular\/","title":{"rendered":"Indians Spending Rs 8000 Crore Per Year On Foreign Travel! These Destinations Are Most Popular.."},"content":{"rendered":"\n<p>As per the Reserve Bank data on outward remittances, Indians are spending nearly $1 billion every month on foreign travel which is significantly more than the pre-Covid levels.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"465\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Untitled-design-30.jpeg\" alt=\"Indians Spending Rs 8000 Crore Per Year On Foreign Travel! These Destinations Are Most Popular..\" class=\"wp-image-1243291\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Untitled-design-30.jpeg 1000w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Untitled-design-30-300x140.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Untitled-design-30-768x357.jpeg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<p>The outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals towards &#8216;travel&#8217; during the April-December period of 2022-23 was $9.95 billion.<\/p>\n\n\n\n<p>According to the RBI data, the spend on travel in the pre-Covid year 2019-20 was $5.4 billion whereas during 2021-22 was $4.16 billion.&nbsp;<\/p>\n\n\n\n<p>In the entire 2021-22 financial year, the outward remittances towards travel were $7 billion.&nbsp;<\/p>\n\n\n\n<p><strong>More Indians Visiting International Destinations<\/strong><\/p>\n\n\n\n<p>Sapan Gupta, Partner, We3Online <a href=\"https:\/\/www.outlookindia.com\/business\/indians-spending-over-1-billion-every-month-on-foreign-travel-news-264056\/amp?utm_campaign=fullarticle&amp;utm_medium=referral&amp;utm_source=inshorts\">said<\/a> that &#8220;Indians are roaming across the world with their families or friends. Vietnam, Thailand, Europe, and Bali are some major destinations that Indians prefer\u201d.<\/p>\n\n\n\n<p>Some of the major destinations preferred by the Indians include <strong>Europe, Indonesia, Vietnam, Thailand, and Dubai.<\/strong><\/p>\n\n\n\n<p>The travel industry is experiencing a massive boom in international destinations attributing to the rise of affordable travel and technological advancements said Akash Dahiya, Co-founder, SanKash.<\/p>\n\n\n\n<p>He said &#8220;Seventy-five per cent of our portfolio is now opting for international travel. We are witnessing a surge in demand for places such as Europe, Bali, Vietnam, and Dubai among Indians\u201d.<\/p>\n\n\n\n<p>Also, becoming accustomed to the concept of &#8220;travel-now-pay-later&#8221; is allowing the travellers to booking closer to the date and pick up a destination that otherwise is out of their pocket.<\/p>\n\n\n\n<p>He added that &#8220;Thus, paying for a travel experience in a monthly payment plan makes the holiday bite-size. Thus, a person looking for Goa can now go to Thailand, and a person planning for Thailand can opt for the far east and likewise\u201d.<\/p>\n\n\n\n<p><strong>Repercussions of Increasing the TCS Rate<\/strong><\/p>\n\n\n\n<p>From the current 5 per cent, the government in the Union Budget proposed to hike the TCS rate on overseas tour packages to 20% from the next fiscal.<\/p>\n\n\n\n<p>This revision of TCS rate, as per the experts, could impact overseas travel by Indians.<\/p>\n\n\n\n<p>According to RBI data, the spending on outward travel fell sharply to $3.23 billion during 2020-21 mainly due to restrictions following the outbreak of Covid-19.<\/p>\n\n\n\n<p>The outward remittances towards travel were $6.95 and $4.8 billion in 2019-20 and 2018-19, respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As per the Reserve Bank data on outward remittances, Indians are spending nearly $1 billion every month on foreign travel which is significantly more than the pre-Covid levels. The outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals towards &#8216;travel&#8217; during the April-December period of 2022-23 was $9.95 billion. According to the RBI [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":1243291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[970],"class_list":["post-1243172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-foreign-travel"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indians Spending Rs 8000 Crore Per Year On Foreign Travel! 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