India's foreign travel bills collectively never exceeded a billion dollars in a month till 2022. Then it happened six times in 2022.
On a rolling 12-month basis, the overall number touched $12.7 billion at the end of 2022. This is the highest for any one-year period for at least a decade. There are some gaps in remittance numbers before this time, but it is unlikely to have been higher. Indians spent less than $100 million in 2012. Spends have risen steadily in the last few years and more than doubled since 2019 (chart 1).
An analysis of tourism data shows that India earns significantly more from foreign tourists coming to India than what Indians spend abroad. But the difference between the two may be narrowing. For every dollar an Indian travelling abroad spent in 2015, India earned $57.5 from tourists arriving here. This fell to just $10.1 in the following year. Provisional figures for 2021 indicate that India earned $1.7 in forex for eve
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