If repatriation by foreign companies and disinvestment in Indian operations are taken into account, the drop is even more dramatic 27%.
In July, a total of 130 countries agreed to alter global tax laws to ensure that multinational corporations pay taxes at a minimum of 15%
The framework for reform, including a minimum global corporation tax rate of 15 percent, was agreed upon by 131 countries.
Total 130 countries have agreed to an overhaul of global tax norms to ensure that multinationals pay taxes wherever they operate.
US Treasury Secretary Janet L Yellen said that the US and India have a shared interest in implementing a robust global minimum tax.