Whalesbook
Indian residents sent nearly $2.8 billion overseas in September, a 13-month high, primarily driven by increased travel spending. This marks a significant shift, with travel now dominating foreign exchange outflows. While remittances for education and supporting relatives have declined, investment in overseas equities and debt more than doubled, signaling a growing interest in global markets. Year-to-date outflows are slightly lower than last year, but the changing composition of remittances offers key insights into Indian consumer and investor behavior.