The US India Business Council (USIBC), an advocacy group representing American companies doing business in India, has called for lifting cap on foreign direct investment (FDI) in insurance and defence, but surprisingly made no mention of FDI in multi-brand retail.
"We stand dedicated to the lifting of FDI caps in important sectors like insurance and defence, and enhancing energy security," USIBC chairman Ajay Banga said in a statement yesterday after the annual board meeting of the apex trade and policy advocacy group.
The group is dedicated to trade and business between India and the United States. The USIBC, in the past few years, have been seeking FDI in multi-brand retail sector.
During its board meeting, members of USIBC also sought to address the key differences between the two countries on trade and economic issues through dialogue and not public acrimony.
"Outstanding issues such as clarity on tax policies, protection of intellectual property, and ensuring a clean US immigration reform bill that allows for the free movement of skilled professionals, should be addressed by sitting down at the table as partners and engaging in meaningful dialogue," Banga said.
The board reaffirmed tax, intellectual property, lifting of FDI caps, energy security, and immigration as top issues.
"The US-India Business Council and board of directors remain committed to advancing the partnership between the United States and India," Banga said.