Indian Travelers Hit New Spending Peak: How Much They Spent Overseas
Photo Credit: Travel spending for Indian travelers is projected to rise from $150 billion in 2019 to $410 billion by 2030. Freepik / jcomp
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
