"It is important for policy makers to recognise the fact the regulations should be created for a convergence market," said Arvind Mahajan, managing director, PriceWaterhouseCoopers. Unless the technology penetrates into the villages, the country cannot boast of having ushered in the technological revolution, said N Parameshwaran, deputy director general, department of telecommunication.

Indian software professional will undertake more assignments in the US if the visa norms were eased, Usha (India) Ltd Vinay Rai. At the trade in services session, the US businessmen has opined that the government should consider increasing the foreign partner's stake in the insurance venture from 26 per cent to 49 per cent.

They also said that the matter would be taken up with the Indian government once the insurance bill in is passed. There is not much difference between 26 per cent and 49 per cent as it would still give the partner only a minority stake, according to Dean O'hare, chairman and chief executive officer of Chhub Corporation. If too many conditions were imposed on functioning, then it would be against the spirit of free trade and the objectives of the WTO, he added.

He pointed out that the new Indian government's commitment of proceeding with the reforms in the banking sector was in itself a positive indication. There was near unanimous view on the need to bring pension funds into the mainstream of investments, but with caution that at present, only 10 per cent of their accretions should be allowed to be invested in equity markets.

Earlier, while making his opening remark at the inaugural session of the summit, Shashi Ruia, Chairman, Indo-US joint business council said , "We are entering a new era in the Indo-Us relations, a period marked by genuine and mutual respect."