Outward remittances from India had increased over 15x (yes, more than 15 times) since FY14 reaching almost US$19bn in FY20. But they dropped by a third in FY21. But despite this fall, outflows in FY21 were the third highest ever!
While remittances for overseas travel and education declined sharply in FY21, that for overseas investments increased further. Indians currently remit over US$1bn abroad for investments annually.