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The US Government will seek relaxation of cap on foreign direct investment (FDI) in retail sector to increase opportunities with India, said Ms Nicole Y. Lamb-Hale, Assistance Secretary for Manufacturing Services, US Department of Commerce, here on Wednesday.
Addressing a press conference, Ms Lamb-Hale, who is leading the first franchising trade mission to India, said the government and industry in the US was ‘hopeful' of an increase in the upper limit of FDI in insurance sector — the cap now is 26 per cent.
The US Government was also striving to increase exports to India, which were at $19.2 billion in 2010. “US exports of aircraft to India were down 48 per cent as there were fewer deliveries,” she said.
The focus areas of the US are manufacturing, green energy and nuclear energy, among others.
On the franchising partnerships, the US official said: “The Indian market is ripe for a franchising boom. Currently, the franchise market in India is estimated to be worth $3.3 billion with an approximate growth rate of 30 per cent.”
Hyderabad had good potential for partnerships in franchising in food and beverage, and services, she added.
The participating companies in the mission include Applebee's, BannaStrow's Creeps and Coffee, CKE Restaurants and RadioShack.
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