India witnesses 30 per cent rise in foreign exchange earnings in May
A recent report said India’s foreign exchange (Forex) reserves marginally decreased by over $11 million as on June 9, 2017.business Updated: Jun 20, 2017 22:49 IST
India has witnessed a whopping 30 per cent rise in the foreign exchange earnings from the tourism sector in the month of May, as compared to the same period in the last two years and a 19 per cent increase in tourist footfalls.
According to the Reserve Bank of India’s credit data of Travel Head from Balance of Payments, foreign exchange earnings (FEEs) during the month of May 2017 were Rs 12,403 crore as compared to Rs 10,260 crore in May 2016 and Rs 9,505 crore in May 2015.
The growth in FEEs in rupee terms in May 2017 over May 2016 was 20.9 per cent compared to growth of 7.9 per cent in May 2016 over May 2015.
The FEEs during the period January-May 2017 were Rs 74,008 crore with a growth of 19.2 per cent, as compared to the FEE of Rs 62,072 crore with a growth of 14 per cent in January-May 2016 over January-May, 2015.
The number of foreign tourist arrivals (FTAs) in the same period saw an increase 6.30 lakh arriving here in May this year as compared to FTAs of 5.27 lakh in May 2016 and 5.09 lakh in May 2015.
The growth rate in FTAs in May 2017 over May 2016 is 19.5 per cent compared to 3.5 per cent in May 2016 over May 2015.