The US-India Business Council (USIBC) praised the reforms proposed in the budget, such as raising the FDI cap in insurance and implementing policies to address transfer pricing challenges and promote infrastructure investment. USIBC, a major trade association representing 300 top US and Indian companies, expressed appreciation for the finance minister's leadership and described the policies as beneficial for businesses. The council emphasized the significance of lifting the insurance composite FDI cap to 49 percent without voting rights restrictions as a positive signal to the global business community. USIBC also advocated for clarity on retrospective taxation and welcomed the decision to increase the FDI cap in defense. Additionally, USIBC supported initiatives for Smart City development and public-private partnerships in airports. The US-India Political Action Committee (USINPAC), representing Indian-Americans, also welcomed the higher FDI limits in defense and insurance, highlighting the potential for technology transfer with increased investments. He stated that both of these advancements are praiseworthy and will motivate international investors, including those from the Indian diasporas, to get involved in the progress of India's defense and insurance sectors.