India needs to look at ways to up FDI limit in multi-brand retail, defence: CII-USIBC report

India should look at ways to hike foreign direct investment (FDI) caps in sectors such as multi-brand retail, defence and insurance as these are the areas where US technology and expertise could help bring in much needed resources and infrastructure, a CII report said.

It also said that both India and the US must take a long-term and comprehensive view on issues pertaining to e-commerce sector by taking all concerns into account before finalising any policy.

India's e-commerce policy has engendered a whole host of issues that impact both domestic and foreign players, including definition of private versus community data; prohibition on cross-border data sharing; mandate to establish data centres; and domestic versus Indian product definitions, the CII-USIBC report said.

"India should review the feasibility of increasing FDI caps or additional provisions for foreign ownership in sectors like defence (49 per cent except in specific cases where the foreign company is bringing a high end .