The two tourists drowned when a traditional longtail boat was tipped over by a storm off the mainland of Krabi province.
Officials at Krabi's Chao Fa Rescue Centre confirmed the deaths of two Indian tourists, a man and a woman, this afternoon, Phuketwan.Com reported.
The two were not wearing life vests. The captain of the longtail boat was being questioned by police.
The police did not immediately reveal the identities of the Indian nationals.
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On Ao Nang beach, rescuers tried to revive the tourists using cardiopulmonary resuscitation, but the Indians did not recover, the report said.
The couple was returning from a popular coastal holiday spot, Railey, that can only be reached by boat.
Their bodies were taken to Krabi Hospital.
A storm with strong winds lashed Krabi, Phang Nga and Phuket today with small boats being warned that it was unsafe to put to sea.
In Thailand, it's left up to captains of the boats to decide whether to venture out into the sea.
The deaths come as officials in the tourism industry seek to persuade visitors that Thailand remains safe following the brutal murders of British tourists on the island of Koh Tao on September 15.