Footloose Indians are splurging abroad.
In January 2018, monthly outbound remittances by Indian residents touched a record high of $1.2 billion (over Rs7,700 crore), according to the Reserve Bank of India (RBI). In the first 10 months of this financial year (the latest data available), Indians have already spent $8.17 billion, significantly higher than the $4.6 billion they spent in the same period a year ago.