look news india
After the Corona epidemic, foreign travel has once again become the first choice of Indians. The expenditure of Indians on this has increased significantly in the last financial year. But on the other hand, the expenditure on education abroad by Indians has reduced significantly. Indians spent a record $31.7 billion abroad during the financial year 2023-24 under the liberal remittance scheme. In which there was an increase of about 17 percent as compared to the previous financial year 2022-23. This figure was $27.1 billion in the last financial year. This increase has been recorded despite the imposition of tax at source. Apart from this, a study of the data has shown that the monthly average expenditure has come down after the implementation of Tax Collection at Source (TCS) in October 2023.
Annual data on remittances shows that Indians have taken a liking to foreign travel and have spent $17 billion on it in the financial year 2023-24. In which there has been an increase of more than 24.5 percent. In the last financial year this figure was 13.6 billion dollars. The share of international travel in expenditure under the Liberalized Remittance Scheme (LRS) has increased from 37 per cent in FY 2019-20 before the Corona pandemic to 53.6 per cent in FY 2023-24. Due to Corona restrictions in the financial year 2020-21, international spending decreased to $ 3.2 billion.
On the other hand, the proportion of expenditure on education abroad by Indians is continuously decreasing. Remittances for education were a whopping 30 percent in FY 2020-21. But despite the lifting of Corona travel restrictions in the financial year 2021-22, the percentage behind education decreased to 26 percent. It was further reduced in the financial year 2022-23. Indians spent $3.4 billion on education abroad this year. Whereas in the year 2021-22, 5.2 billion dollars were spent by Indians on education abroad. Indians will spend 3.5 billion dollars on education in the year 2023-24.