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According to the survey, the limit of foreign equity can even be 100 for health and weather insurance. "This may help dispel fears of foreign equity in insurance," the survey said.
In the area related to external reforms, the survey has favoured foreign investment in multi-format retailing starting with food even though there was lots of opposition.
Other major initiative suggested by the annual survey was allowing foreign equity in the defence sector up to 49%.
The survey added that this limit can be stretched to 100% for high technology and strategic defence goods, services and systems which will help to eliminate the dependence on import.
But for life-saving drugs that have less than five producers, the prices will be controlled by government.
The survey also suggested several bills including the Pension Fund Regulatory and Development Authority Bill, Insurance Bill and Forward Contract Bill need to be passed.
A single regulatory agency for the transport sector including highways, railways, ports and airport has to be present with representatives from subsectors.
The survey has called for the entry of private companies into passenger train operations and railway services for tourist destinations.
