Washington (Agencies): As Indian Finance Minister Pranab Mukherjee prepares to present his annual budget in less than 10 days, Corporate America has sent a budget wish list to Pranab Mukhejee.

In the wish list, Corporate America has urged the Finance Minister to give positive indications on raising the FDI cap in insurance sector to 49 percent and opening multi-brand retailing during presentation of budget.

They also insisted on opening up of multi-brand retailing; liberalisation of FDI norms for food and agricultural products and streamlining the foreign investment process.

 “We believe adoption of these proposed changes would be of tremendous benefit to the Indian economy by stimulating long term stable investment and significant job creation,” said Ron Somers, president of US India Business Council, in a memorandum.

The council represents the top American companies, including PepsiCo, Boeing, General Electrics, and Lockheed Martin that does business with India.

Despite global economic recovery, many conditions persist that stand as challenges to India maintaining its rapid growth, Somers said.

He said USIBC is committed to supporting implementation of policies and regulations that further strengthen markets in India, while facilitating inclusive growth across all economic sectors and tackling challenges such as the price rise which threatens India’s food security goals.

The memorandum send February 9, was twitted by USIBC on Friday with a link to its copy.

It notes that India remains an attractive destination for foreign investors particularly because it strives to create a predictable and transparent regulatory environment that encourages investment.

 “Raising the Foreign Direct Investment (FDI) cap in insurance to 49 percent will be an important tool in the creation of a world-class infrastructure that will propel India to a higher level of economic growth,” said the memorandum spread over 11 pages.

It said these will significantly increase the capacity of the Government of India to manage both capital flows and financial markets with greater efficiency.

"While concerns of capital flows can continue to be regulated vis a vis foreign exchange management and other processes, liberalising the framework for FII would be consistent with India’s goal to increase the efficiency and liquidity of its markets through allowing greater participation in its markets by foreign investors, USIBC noted.

US Electronic Payment Providers want opportunity to continue to support India's efforts in expanding access to financial services, in mobile banking, domestic and international remittances, ATMs, credit cards, and other services, the USIBC memorandum said.

"The regulatory framework around India's National Payments System should not discriminate against foreign providers in the interest of low cost, high quality payment and money transfer services", it said.

 “We believe it would be beneficial to establish an Advance Pricing Mechanism to provide clarity and security to foreign firms on their future tax liabilities,” it said.

USIBC urged reduction in tariff on a range of products including heavyweight motorcycles, restaurant equipments including ovens, freezers and cash registers and security equipment and life saving devices among other items, it said.

In order to best facilitate improvements to agricultural sector, it is imperative that the multi-brand retail sector be liberalised to a minimum 51 percent in the near-term, with a solid plan to fully liberalise to 100 percent in the medium term, USIBC urged.

In addition to the liberalisation of FDI norms, market access barriers in form of tariffs often impair the ability of food service firms and food processors to develop value added products for the Indian market, it said while calling for conducive steps in this direction.