"The Indian government should continue to recognise industry (including US investors) as stakeholders in the Indian growth story. Businesses must therefore be actively engaged in the consultative process while the government formulates economic policies," it said.
The Deloitte study, conducted in partnership with American Chamber of Commerce in India, said the approach will take the defining partnership between India and the US to the next level of growth and development.
It noted that the economic upswing in the US will bring in fresh opportunities for India and positively impact economic resurgence in the country.
The study, which focuses on seven sectors including defence, retail, healthcare and banking & financial services, said: "India has potential for a sustained high growth for the next couple of years; and the US companies must explore the opportunities to enter the rising Indian market."
However, it said that there are challenges in regulation, governance and policy, such as inadequate supply of infrastructure, an "inefficient government bureaucracy", multiplicity of authorities and complex policies.
"To enhance this fruitful relationship further; the Indian government needs to overcome a few roadblocks such as complex nature of the taxation system, number of procedures in the regulatory processes, time consuming processes for approvals, multiplicity of authorities," it added.
On banking and financial services, the study said that in the current scenario, foreign banks face challenges to operate in India without subscribing to the requirement of local incorporation.
"Government can consider issuing differential licences to the players depending on their business models with particular player focusing on specific product, geography or market segment," it said.
It added that further opening up of FDI in insurance will go a long way in restoring India as one of the key markets for attracting foreign capital.
In retail sector, it suggested that government should have universal policies applicable over all states in India with regards to FDI.
"In case of FDI, the government needs to simplify the procurement guidelines. Changing the 'mandatory' rule of 30 per cent outsourcing raw material to 'preferred', would encourage more foreign retailers to enter the Indian retail sector," they study said.
It added that the tax system needs to be streamlined as existing tax policies have a significant impact on supply chain and operation designs of the retailer.