The need of the hour was to create the right atmosphere for building the confidence of foreign investors in the post sanctions era. ``When sanctions were imposed there were fears they would impact the telecom sector but the net result is that we are not hit '', the minister said.

The union government has taken initiatives to reinforce foreign investors confidence in the country as a favourite destination in the post sanctions era and many more are on the anvil, she told newsmen soon after addressing a luncheon meeting of the Indo-US business council here yesterday.

"We are following policies which are wholly transparent and sanctioning projects held up for years not only speedily but at supersonic speed'', she said adding her mission to the US was to allay fears that the BJP led government was against foreign direct investments.

``India's strengths in software development and huge market potential beckons investors, manufacturers, technologists and entrepreneurs'', she said adding we have always welcomed foreign investments in infrastructure sector and high tech areas.

The minister announced that an empowered government-industry partnership group would be set up to recommend a path of smooth evolution leading to a telecom revolution in the country.

The government, she said was determined to accelerate the growth of telecom and broadcast services in the country and was considering setting up of a rural telecom corporation to provide reliable rural communication and avoid cross subsidy requirements.

It was also devising a comprehensive national numbering plan to provide for multi-operator, multi-service growth oriented telecom environment, she said.

Earlier, Swaraj asked the US businessmen to ponder over India's growth rate and the rupee's strength against the dollar as compared to other Asian currencies besides its huge market potential while taking investment decisions.

Indian ambassador Naresh Chandra said the country's legitimate security concerns were appreciated much better than before and the US sanctions only helped to deepen the interaction between business communities of both the countries.

Some of US's top business leaders were joined with communications minister and Indian ambassador at the council meeting in expressing their firm resolve not to allow sanctions come in the way of greater Indo-US trade and investments.

Executive director of the council Michael T Clerk said the sanctions to retaliate India's nuclear tests were a challenge to the US businessmen to deepen trade relations.

``This has thrown up an opportunity to do some fundamental rethinking not only within the business community but at the political level too in Washington,'' he said adding this was the reason why the administration's authority to waive sanctions for a year survived in the Senate conference.

He hoped the ongoing dialogue between India and the US on the nuclear issue would bear fruit.

Chairman of India Practice and a leading US firm Mark Reidy said foreign investment potential in India's telecom sector was about $58 billion against the current level of investment of about $four billion.