Bangalore: Legendary investor Warren Buffett, who is on his maiden visit to India, on Tuesday said he was looking at investments in large countries like India, but expressed regret over the existing foreign investment caps in sectors like insurance.

Speaking to reporters on his maiden visit to India, Buffett said he did not consider India as an emerging market anymore and even the US would benefit from rise of countries like India and China.

The legendary investor said that he would be meeting Prime Minister Manmohan Singh, but did not reveal the agenda for the meeting.

Buffett's investments have mostly been in the US, but countries like China, Japan, Israel and South Korea have also attracted him in the past.

About India, where his presence is comparatively minuscule and includes recent tie-up with Bajaj Allianz for distribution of motor insurance products, Buffett said that he was looking at investments in large countries like India.

Further, Buffett said that he was happy with one big investment idea in a year and it did not matter whether such an idea came from India, the US or somewhere else.

Without speaking further on his plans for India, Buffett said that a foreign investment cap of 26 per cent in insurance sector here was a deterrent.

India currently allows only 26 per cent foreign investment in insurance business, but a proposal is underway to hike it to 49 per cent.