In August of this year, the previous high was $1.87 billion. Remittances for “study abroad” reached an all-time monthly high of $780 million in August, according to the data
According to experts, August is traditionally a month of high outward remittance because colleges abroad begin their new semester in September and college students transfer funds for payment, lodging, tickets, and other set-up costs. Monthly outward remittances under the Liberalised Remittance Scheme (LRS) hit an all-time high of $1.96 billion in August, according to data released by the Reserve Bank of India, with admissions to overseas universities returning to favour after a year-long lull, as well as regular normalisation in overseas travel and a rise in financial activity.
In August of this year, the previous high was $1.87 billion. According to the data, remittances for “study abroad” reached an all-time monthly high of $780 million in August.
Remittances for travel, meanwhile, reached an 18-month high of $574 million, the most since February 2020, when a number of countries began implementing flight and travel restrictions in the aftermath of the Covid outbreak. Remittances of $284.8 million were also received in August for the purpose of “maintenance” of close relatives in August 2021. According to experts, August is traditionally a month of high outward remittance because colleges abroad begin their new semester in September and college students transfer funds for payment, lodging, tickets, and other set-up costs.
HDFC Credila Financial Services’ MD and CEO, Arijit Sanyal, stated that the company saw a significant increase in disbursements throughout the month. “Demand dropped last year as a result of Covid lockdowns.” As a result, demand has gathered this year, resulting in an increase. Also, students are venturing into new geographies, which has resulted in a bigger number of pupils venturing out,” he explained. While the United States continues to attract the largest number of scholars, Sanyal claims that Canada and the United Kingdom have grown to be larger marketplaces, and that there are “many more new places where more and more students are travelling for education.” According to experts, more Indian students have been able to obtain admissions abroad as a result of two factors: a number of universities have increased their capacity as a result of the evolution of a hybrid mode of training delivery, and Indian students have increased their share due to their competitiveness. According to experts in the training consulting industry, there was concern about how long Covid would go without brew between March and August of last year.
As a result, many pupils did not apply for overseas university admissions. The numbers have increased dramatically this year as there is much more understanding on immunizations and the protection they provide,” said a top official with a leading overseas training advisor in Hyderabad. “Every year, the number of students travelling overseas grows, and the trend remains stable except for a dip last year due to Covid,” the official said.