Foreign direct investment (FDI) equity inflows into India contracted by 60 per cent to USD 6.56 billion (Rs 49,820 crore) during April-June 2020, according to data by the Department for Promotion of Industry and Internal Trade (DPIIT).
The overseas inflows during April-June 2019 stood at USD 16.33 billion.
Sectors which attracted foreign inflows during the first quarter of 2020-21 included services (USD 1.14 billion), computer software and hardware (USD 1.06 billion), telecommunications (USD 2 million), automobile (USD 326 million) and trading (USD 426 million), the data showed.
Singapore emerged as the largest source of FDI in India during the first quarter of the fiscal with USD 1.82 billion investments. It was followed by the Netherlands (USD 1.08 billion), Mauritius (USD 900 million), the US (USD 640 million), and Japan (USD 412 million).
During the period, states which attracted FDI included Maharashtra, Karnataka, Delhi, Gujarat and Jharkhand.
Total FDI inflows, which include re-invested earnings, stood at USD 11.51 billion during the first quarter of this fiscal.
FDI is important as the country requires major investments to overhaul its infrastructure sector to boost growth.