No need for foreign investment: Paul
Monday, January 12, 2004 (Kolkata):
Leading NRI industrialist Lord Swraj Paul today said India should stop
craving for foreign investments for economic growth as the Indian
economy has much more potential and it does not require outside help.
"It always pains me to see that there is a feeling in India that
development can only take place with foreign investments. India is far
more richer and it can contribute a lot to the world economy", said
Lord Paul, who is here in connection with the India-UK Round Table
meet as its Co-Chairman.
Elaborating his point, Lord Paul said the country has lot of potential
in areas like software, manufacturing, fashion and even Bollywood
films.
"The Indians and Indian products are making waves in these areas all
across the world and you don't really have to depend on the foreign
investments for economic progress", Lord Paul, who heads the London
based Caparo Group said.
He said Britain is proud of its bilateral partnership with India
specially in the areas of trade and business and during the just
concluded Round Table meet one of the main agenda was how to further
enhance this partnership.
Lord Paul said that the Round Table, which consists of around 30
people from both countries drawn from various sections of society, was
appreciative of a much better business scenario in India after the
removal of barriers and improvement of infrastructure.
The Round Table, which gives its recommendations to the two prime
ministers for follow-up action, also felt that the job created by
Indian investments in UK should be properly publicised.
The British Deputy High Commissioner Melville Guest, who was also
present with Lord Paul, pointed out that the jobs created due to
Indian investments in UK almost compensates the job loss due to
outsourcing. (PTI)
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