A high-power group of US and Indian experts has also been mooted to look into the functioning of the debt, mutual fund and primary markets.

The group would recommend how the Indian markets could be further improved in the light of the US experience, which has the world's largest debt, mutual fund and primary markets that have fuelled its economy's growth.

The expert group recommendations would help India utilise the American experience in developing, regulating and ensuring smooth functioning of financial markets.

The proposal for the joint expert group was made at the conclusion of a day-long India-US commercial dialogue in Washington on Thursday. Finance Minister Yashwant Sinha and US commerce secretary Norman Y Menator presided over the dialogue. Private sector partners in the dialogue were the Ficci and the US Chamber of Commerce from the US.

The US companies which have signed joint venture agreements include Southern Energy, CMS Energy Corporation, Synergies Energy Development and US Business Network. They have joined hands with Reliance Power, Power Trading Corporation of India, Infrastructure Development Finance Corporation and Satyam Infoway. The investment agreements were signed in the presence of Mr Yashwant Sinha and Mr Mineta. To facilitate the Indo-US joint ventures, Exim Bank of US pledged $900 million to help Indian businesses purchase US goods and services. The US Agency for International Development (USAID) has also pledged support for urban development and energy training.

Southern Eenrgy Inc. signed a development agreement with Reliance Power Limited and the Power Trading Corporation of India for the Hirma power project in the state of Orisa, which will be the world's largest independent power project and will sell power to five SEBs - Punjab, Haryana, Madhya Pradesh, Gujarat and Rajasthan.

CMS Energy Corporation has signed a joint development agreement with the Power Trading Corporation and prescribed milestones for concluding a power purchase agreement and other key agreements in connection with the construction of the Ennore Liquified natural gas terminal and the 1850-MW power plant in Tamil Nadu. Exim bank of US has signed an MoU with State Bank of India and Industrial Development Bank of India and a master agreement with the Exim Bank of India. In the field of software and Internet, US Business Network Inc signed an MoU with Satyam Infoway to establish a business to business e-commerce joint venture for cross-border trade.