Indians spent almost $10 billion in overseas travel in just nine months last year from April to December, more than any complete financial year, reports Mayur Shetty.

The previous highest invest in a fiscal year was in FY20, when Indians splurged $6.9 billion on foreign tours.After factoring in foreign exchange spent on education, upkeep of loved ones, gifts and investments, Indians have sent $19,354 million during the present financial, reveals most current information launched by RBI.

This is close to the $19,610 sent out abroad in FY22, which was a record year for remittances.As against a regular monthly average of less than a billion-dollar worth of remittances up until FY18, Indians are now investing almost $2 billion.

While the share of travel is increasing, Indians are investing less on maintaining loved ones staying abroad.

The amount sent abroad for financial investments in equities has actually stayed stable while the share of cash sent out for education has actually dipped.