Indian residents remitted USD 11.33 billion abroad under the Liberalised Remittance Scheme in FY2017-18. By FY2023-24 the figure had reached USD 31.73 billion, the highest on record. Within that total, money earmarked for overseas equity and debt grew faster still, from USD 431 million in FY2019-20 to about USD 2.65 billion in FY2025-26, and from 2.3% of all outward remittance to 9.1%.
Those numbers are the result of two decades of rule changes, identity infrastructure and settlement reform, most of it built for reasons that had very little to do with investing abroad.
