The annual information for remittances reveals that Indians have taken to abroad journey with a vengeance, spending USD 17 billion on it in FY24 — a rise of greater than 24.5 per cent over the USD 13.6 billion within the earlier yr. The share of worldwide journey in spending below the LRS has risen to 53.6 per cent in FY24 from 37 per cent in FY20 earlier than the onset of the pandemic. In FY21, worldwide journey spending had dipped to USD 3.2 billion because of restrictions on mobility.
