Equity FDI fell 15 per cent to $36.75 billion in the first three quarters of the current financial year.

Mumbai: According to data released by the Department for Promotion of Industry and Internal Trade, foreign direct equity investment flows in the first three quarters of the current financial year have declined by 15 percent to $36.75 billion compared to the same period last year.

Total FDI includes equity capital of non-corporate entities, earnings from reinvestment and other capital. It was $55 billion during April-December, which was 60.4 percent higher than a year ago. It has decreased by 8 percent.

FDI inflows have been declining since the beginning of this year. This is due to external factors such as recession in major economies. During the first half of the year (April-September), the contraction was 14 percent. FDI equity inflows declined by 1 percent during the last financial year. Prior to that, Kharo21 and Kharo20 saw sharp growth of 19 percent and 13 percent respectively.

According to the data, Singapore emerged as the largest investor country with equity inflows of $13.07 billion during April-December. It is followed by US ($4.95 billion), Mauritius ($4.73 billion), China ($3.1 billion), Netherlands ($2.16 billion), UK ($1.61 billion), Japan (1 .43 billion dollars), Cyprus ($1.15 billion), Cayman Islands ($622 million), Germany ($350 million) are among the top 10 investor countries.

Computer software and hardware manufacturing attracted the highest FDI at $8.07 billion. This was followed by $6.56 billion in the services sector, which includes finance, banking, insurance and outsourcing.