Gurgaon: The US on Thursday said it is looking forward to India opening up its insurance sector further to foreign investors just as it has done in case of FDI in the retail sector.
"We are looking at the expansion of FDI, particularly at expansion of FDI in insurance," US Ambassador to India Nancy J Powell said at the World Economic Forum on India here.
She was responding to a query on the US expectations regarding India's economic reforms going forward.
The bill to increase FDI cap in the insurance sector from 26 percent to 49 percent has been pending in the Rajya Sabha since 2008. Last month, the Cabinet had decided to move ahead with its proposal to hike foreign investment ceiling in the sector.
In September, India had relaxed foreign direct investment (FDI) norms in retail sector, allowing foreign retailers to have up to 51 percent stake in the multi-brand segment. Foreign carriers have also been allowed to invest up to 49 percent in domestic airlines.
Commenting on the development, Powell said: "The implementation of the ones which have been put forward is going to be very, very key, particularly the state government's response to FDI in multi-brand retail."      

She however said it would depend on individual companies decisions and how do they respond to that "Partnership with Indian companies is going to be very very large one," she added.

On the Indian market, Powell said US businesses have been impressed by its vibrancy, its commercial sector, technology and ways to reinvent.
"India, obviously has a very large market. American companies are likely to take advantage of that. They are looking, particularly, where they can bring in technology or
product," she added.
Highlighting the need for better infrastructure in India, Powell said: "I think there are concerns for infrastructure in general."
She also said there are questions about legal frameworks and how they are implemented in India, however, adding, "I think they are common to any export market."


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