Brexit is an Opportunity for India, Says Swraj Paul
The UK's exit from the European Union could be an advantage for Indian economy, says Lord Swraj Paul.
Brexit gives an opportunity to Britain and India to work together and benefit from each other, says NRI industrialist Lord Swraj Paul.
“Britain is coming out of Europe and India can be its natural partner on a much bigger level so I invite you to look at Britain as your first choice,” Paul, the chairman of the Caparo Group of industries, was quoted as saying by PTI.
Using the Brexit Opportunity
During an address at the 17th National Conference of Confederation of Real Estate Developers’ Association of India in London on August 12, Paul said, “We have two countries; Britain who would love to see both trade and investment grow from India, and India who would like to see more investment from Britain into India. We must make use of this opportunity as it will be a win-win situation for all of you and for the two countries.”
Experts had earlier talked about the huge potential that exists for the two countries to join hands, since the UK is the largest foreign investor in India. But for this Britain will need to offer a compelling package of initiatives, which would include a deeper and imaginative deployment of its competitive edge in finance, education and research, and defence industries.
It is also important for the UK to adopt a more welcoming attitude towards visas for Indian visitors, students and entrepreneurs. If the Indian government capitalises on the Brexit opportunity and the UK takes steps towards strengthening the bond, the partnership could prove to be beneficial for both the countries.
Praise for Modi
Paul also lauded Prime Minister Narendra Modi’s efforts in raising the level of India’s global standing. “On behalf of NRIs, I can safely say that the NRI community will certainly support his action plan to rid the country of poverty, illiteracy and malnutrition and play their part,” he said, PTI reported.
India-born, Britain-based Swraj Paul is a leading industrialist and philanthropist. He founded Caparo Group Limited in 1968 and serves as the chairman of the group. He was appointed as a life peer in 1996 by Conservative Prime Minister John Major, and sits in the House of Lords as a crossbencher. He holds the title of Baron Paul, of Marylebone, in the City of Westminster.