Indians Slash Overseas Travel Spending by $212 Million in March Amid Rupee Weakness and Oil Price Surge
मुख्य बातें
- •Overseas travel remittances by Indians fell by $212 million in March 2025 to $1.09 billion, the lowest in recent months.
- •Total LRS outward remittances in March stood at $2.59 billion, with travel accounting for the largest share.
- •Remittances for maintaining close relatives abroad rose to $389.78 million, while spending on remote education services declined.
- •In FY 2024-25, Indians sent $29.56 billion abroad under LRS, with $16.96 billion going toward travel.
Indian residents sharply reduced foreign travel spending in March, with remittances for overseas trips dropping by more than $212 million from the previous month, the Reserve Bank of India (RBI) reported on Wednesday. According to the latest data on outward remittances, travel-related outflows fell to $1.09 billion in March from $1.3 billion in February and $1.65 billion in January. Analysts noted the decline coincided with a surge in global oil prices triggered by the Middle East conflict and the Indian rupee touching record lows against the US dollar, which together increased the cost of international travel and weakened purchasing power abroad.
Prime Minister Narendra Modi had earlier urged citizens to voluntarily reduce discretionary foreign travel and adopt measures such as carpooling to conserve foreign exchange. Lower overseas travel spending is expected to ease pressure on the rupee by reducing foreign exchange outflows. Despite the drop, travel remained the single largest component of outward remittances under the Liberalised Remittance Scheme (LRS), accounting for the bulk of remittances sent abroad by resident individuals.
