There has been a big change in the share of outward remittances from India for different purposes in last 10 years.
According to a recent report by the Bank of Baroda, Indians are now spending more on foreign travel than on studies abroad compared to the what they were doing 10 years back.
In FY14, the share of study abroad in outward remittances from India was 14.6%, which declined to 11% in FY24.
In contrast, the share of foreign travel in outward remittances increased from 1.5% in FY14 to 53.6% in FY24, at a whopping CAGR of 100.8%.
The report gives various reasons behind the increase in outward remittances for foreign travel. Tap now to learn more.
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