Team Blitz India
NEW DELHI: In an age defined by unprecedented global connectivity, Indians are exploring distant shores like never before. Indian globetrotters set a new milestone in the financial year 2023-2024 (FY24) by spending $31.7 billion abroad through the liberalised remittance scheme (LRS), marking a 17 per cent surge from the $27.1 billion spent in FY23.
This increase in spending persisted despite the implementation of measures such as tax collection at the source, aimed at curbing overseas expenditure, according to a report in the TOI.
The yearly remittance data shows a robust inclination among Indians towards international travel, with expenditures totalling $17 billion in FY24. This marks a notable surge of over 24.5 per cent, compared to the $13.6 billion spent in the previous year, the report stated.
