(RTTNews) - India’s foreign direct investment (FDI) declined by over 43% to around $2.2 billion this May, compared to $3.9 billion in the same month last year, due to global economic recession, reports PTI, quoting Ajay Shankar, Secretary, Department of Industrial Policy and Promotion.

He was optimistic on better liquidity that could lead to more inflows. However, the government downgraded the FDI target by $5 billion from $35 billion last fiscal.

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