Foreign direct investment (FDI) in the services sector declined by 54 percent year-on-year to 2.22 billion U.S. dollars in the fiscal year 2013-14 in India, said the government on Sunday.

The Department of Industrial Policy and Promotion said foreign investment in banking, insurance, outsourcing, research and development, courier and technology testing, construction and hotel and tourism all declined during the past fiscal year.

In the 2012-13 fiscal year, India received FDI worth 4.83 billion dollars in its service sector, which accounted for over 60 percent to India's GDP.

The decline in foreign investments could affect the country's balance of payments and the rupee, said Press Trust of India.

Overall foreign inflows into the country grew by 8 percent in the last fiscal year to 24.29 billion dollars as against 22.42 billion dollars in 2012-13 fiscal year. Endi

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