Seeking an ecosystem in India that rewards and protects intellectual property, the US industry has urged finance minister P Chidambaram to lift the FDI caps in important sectors like insurance and defence.
In a meeting with the minister, which was closed to the press, a group of US industry executives from the US-India Business Council (USIBC) sought adjustment in the retail policy to attract major investment and organised players into India.
However, the views of Chidambaram, who is currently in the US, were not immediately known. He engaged with the executives on important topics that have dominated the bilateral commercial relationship in recent months — tax treatment of investments in India, and the protection of intellectual property (IP) — the USIBC said. “The finance minister affirmed the strong ties between India and the United States and the importance of the commercial relationship,” USIBC president Ron Somers said.