The US industry has said, India's Budget for 2012-13 lacks the much-needed game changing reforms and called for a transparent taxation policy to attract more foreign investment. The US India Business Council, USIBC in an unusual short reaction, called Union Finance Minister Pranab Mukherjee's Union Budget measured but without game-changing reforms. The council noted it expects the coming Budget Session of Parliament to deliver on key reforms that would signal to foreign investors that India remains steadfast in its objective to achieve strong economic growth and expand global trade.The council welcomed the liberalisation of FDI and external commercial borrowing in civil aviation, as well as allowing qualified foreign investors to directly invest in corporate bonds.