Develop an Ecosystem that Protects Intellectual Property:US Industry to P Chidambaram

Seeking an ecosystem in India that rewards and protects intellectual property, the US industry has urged Finance Minister P Chidambaram to lift the FDI caps in important sectors like insurance and defence.

In a meeting with the FM, which was closed to the press, a group of US industry executives from the US-India Business Council (USIBC) sought adjustment in the retail policy to attract major investment and organised players into India.

However, the views of Chidambaram, who is currently in the US, were not immediately known.