The US-India Business Council (USIBC) praised the reforms outlined in the budget, particularly the increase in the FDI cap in insurance and policy changes to address transfer pricing issues and promote infrastructure investment. USIBC, a leading trade association in the US with 300 top US and Indian companies, expressed appreciation for the finance minister's leadership and business-friendly policies. The council welcomed the lifting of the insurance composite FDI cap to 49 percent without voting restrictions as a positive signal to the global business community. USIBC emphasized the importance of avoiding retrospective taxation and sought further clarity on this issue. Additionally, USIBC supported the increase in the FDI cap in defense to 49 percent and highlighted the potential for American businesses to contribute expertise and capital to Smart City development and public-private partnerships in airports. The US-India Political Action Committee (USINPAC) also praised the raise in the FDI cap in defense and insurance, noting the potential for technology transfer and increased equity investments in India. He stated that both of these advancements are praiseworthy, and international investors, including those from the Indian diaspora, will now be motivated to contribute to the growth of India's defense and insurance sectors.