At around $1 bn, travel accounts for half of outward remittances in May

Outward remittances by domestic residents were stable sequentially at $2.03 billion in May 2022 with close to $1 billion being spent on travel. For April 2022, the figure is about $2.02 billion.

According to Reserve Bank of India (RBI) data, total remittances rose by 61.8 per cent year-on-year (YoY) to $2.03 billion in May 2022 from $1.25 billion in May 2021.

Spending on international travel more than tripled to $994 million in May 2022 YoY from $294 million as Covid-related curbs eased in various countries.

Spending on travel was $6.91 billion in FY22. This is more than twice of the