Outward remittances under the Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS) hit an all-time high in FY22 at $19.61 billion, up 54.6 per cent from $12.68 billion recorded in FY21.
The outward remittances were $12.68 billion; in FY20 it was $18.76 billion; in FY19 it was $13.78 billion.
The figure was lower in 2021 due to Covid-related disruptions that saw a halt in international travel.
Remittances grew a healthy 35 per cent under the overseas education head to $5.17 billion from $3.83 billion remitted in fiscal 2021. In fiscal 2020, remittances for overseas education were nearly $5 billion.