India has received an investment commitment of $100 billion in 15 years from the four-nation European bloc EFTA, while it allowed several items such as Swiss watches, chocolates and cut and polished diamonds at lower or zero duties.

The government on Sunday signed a free trade pact with the European Free Trade Association (EFTA), which comprises Iceland, Liechtenstein, Norway and Switzerland.

An official said if the proposed investments do not come, India can "re-balance or suspend" the duty concessions to the four countries.

India is offering 82.7 per cent of its tariff lines or product categories, which cover 95.3 per cent of EFTA exports.

On gold, India has not touched the effective customs duty (15 per cent) but reduced the bound rate by 1 per cent to 39 per cent, which will not have any implication on imports.

India will also provide duty concessions on certain production-linked incentive sectors such as pharma, medical devices and processed food.

Sensitivities related to these sectors have been kept in mind while extending the offers.

Sectors such as dairy, soya, coal and sensitive agricultural products are kept on the exclusion list and there will not be any duty concessions on these goods.

Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under the trade pact on these goods in over 10 years.

The Confederation of Indian Alcoholic Beverage Companies director-general Vinod Giri said a time-bound reduction of customs duties will support the domestic industry.