<p>Indians are spending nearly $1 billion every month on foreign travel which is significantly more than the pre-Covid levels, reveals <a href="https://www.deccanherald.com/tag/reserve-bank-india" target="_blank">Reserve Bank </a>data on outward remittances.</p>.<p>During the April-December period of 2022-23, the outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals towards 'travel' was $9.95 billion.</p>.<p>The corresponding spending on travel during 2021-22 was $4.16 billion, and $5.4 billion in the pre-Covid year 2019-20, according to the RBI data. The outward remittances towards travel were $7 billion in the entire 2021-22 financial year.</p>.<p>"Indians are roaming across the world with their families or friends. Vietnam, Thailand, Europe, and Bali are some major destinations that Indians prefer," said Sapan Gupta, Partner, We3Online.</p>.<p>Europe, Indonesia, Vietnam, Thailand, and Dubai are some of the major destinations that Indians prefer.</p>.<p>Akash Dahiya, Co-founder, SanKash said that with the rise of affordable travel and technological advancements, the travel industry is experiencing a massive boom in international destinations.</p>.<p>"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," he said.</p>.<p>Dahiya further said travellers have become accustomed to the concept of "travel-now-pay-later" which allows them to make booking closer to the date and pick up a destination that otherwise is out of their pocket.</p>.<p>"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," he added.</p>.<p>Meanwhile, the government in the Union Budget proposed to hike the TCS rate on overseas tour packages from the current 5 per cent to 20 per cent from the next fiscal.</p>.<p>Experts are of the view that the proposal could impact overseas travel by Indians.</p>.<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>.<p>The outward remittances towards travel were $6.95 and $4.8 billion in 2019-20 and 2018-19, respectively.</p>
<p>Indians are spending nearly $1 billion every month on foreign travel which is significantly more than the pre-Covid levels, reveals <a href="https://www.deccanherald.com/tag/reserve-bank-india" target="_blank">Reserve Bank </a>data on outward remittances.</p>.<p>During the April-December period of 2022-23, the outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals towards 'travel' was $9.95 billion.</p>.<p>The corresponding spending on travel during 2021-22 was $4.16 billion, and $5.4 billion in the pre-Covid year 2019-20, according to the RBI data. The outward remittances towards travel were $7 billion in the entire 2021-22 financial year.</p>.<p>"Indians are roaming across the world with their families or friends. Vietnam, Thailand, Europe, and Bali are some major destinations that Indians prefer," said Sapan Gupta, Partner, We3Online.</p>.<p>Europe, Indonesia, Vietnam, Thailand, and Dubai are some of the major destinations that Indians prefer.</p>.<p>Akash Dahiya, Co-founder, SanKash said that with the rise of affordable travel and technological advancements, the travel industry is experiencing a massive boom in international destinations.</p>.<p>"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," he said.</p>.<p>Dahiya further said travellers have become accustomed to the concept of "travel-now-pay-later" which allows them to make booking closer to the date and pick up a destination that otherwise is out of their pocket.</p>.<p>"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," he added.</p>.<p>Meanwhile, the government in the Union Budget proposed to hike the TCS rate on overseas tour packages from the current 5 per cent to 20 per cent from the next fiscal.</p>.<p>Experts are of the view that the proposal could impact overseas travel by Indians.</p>.<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>.<p>The outward remittances towards travel were $6.95 and $4.8 billion in 2019-20 and 2018-19, respectively.</p>