Indians spent more on foreign trips in last 5 years

As Indians spending more on foreign trips yearly, the spendings have gone up from $16 mn in FY14 to $4 bn in FY18. When the payments shift to credit cards the spendings grew. With this, there was rise in number of Indians traveling abroad, which was 23 mn in 2017. In addition to country’s reliability on imports for oil and electronics, these spendings by people have also affected the country’s balance of payments.