Indians sent $27.14 bn abroad under LRS in FY23, up nearly 40% YoY

Reflecting buoyancy in travel, spending on relatives, the outward remittances saw a substantial jump for the second year on the trot. Indians had remitted $19.61 billion in FY22, up from $12.68 billion in FY21, when there was a sharp dip in remittances during the first phase of the Covid pandemic. In FY20, Indians had sent $18.76 billion abroad.

International travel remained the largest component of the entire outward remittance by Indians under the scheme. Spending on foreign travel hit $1.14 billion in March. In 2021, it was marred by Covid-related curbs but slowly picked up later and remained strong in 2022 and early 2023.

After international travel, Indians spent most on maintenance of close relatives, followed by gifts, investment in equity and overseas education.