New Delhi, March 14 : The global macro-economic conditions and funding winter continued as India Inc recorded only 89 deals worth $1.8 billion in February -- a 54 per cent decline in volumes and a significant 60 per cent decline in values compared to February 2022, a report showed on Tuesday. Investors continued treading cautiously amid macroeconomic uncertainties. This also marked the second-lowest deal volumes and lowest values recorded since 2014, according to Grant Thornton Bharat's 'Dealtracker February 2023' report. "US economic data has been pointing towards a slowdown; however, the recession is not confirmed yet. China has seen an accelerated reopening, and that has provided a boost to the commodity market," said Shanthi Vijetha, Partner-Growth at Grant Thornton Bharat. On the domestic front, the policy review also acknowledges that domestic economic activity is expected to remain resilient, aided by the sustained focus on capital and infrastructure spending in the Union Budget 2023-24. "While the deal activity is subdued, the Indian market is still considered to provide good opportunities for deals/investments. As a result, the Union Budget 2023 avoided populist measures in the pre-election year and prioritised long-term growth," Vijetha added. Mergers and acquisitions (M&A) deal activity witnessed a significant downtrend both in terms of deal volumes by 48 per cent and values by 47 per cent, clocking 24 deals at $755 million compared to February 2022. The start-up sector led the volumes with 25 per cent of the deals, driven by the fintech segment, which dominated in terms of both volumes as well as values. The private equity (PE) landscape also witnessed a drop both in terms of deal values and volumes over February 2022, recording only 65 deals worth $1 billion. The month gone by recorded the lowest monthly deal volumes and values since August 2020. The month saw the largest ever Series A round by an Indian insurtech company, InsuranceDekho, raising $150 million. This transaction alone accounted for 38 per cent of the sector's values. The year-to-date (YTD) 2023 recorded one IPO with an issue size of $8 million, compared to three IPO issues, raising $1 billion in YTD 2022, the report mentioned. /IANS