Observing that India is making remarkable progress, leading London-based non-resident Indian industrialist Lord Swraj Paul has said that if it continued to do so, it would emerge as a developed nation on the strength of its economic progress as also its human rights record.
"India is a huge and prosperous market with a strong democracy, which the recent elections have proved. It is making remarkable progress and if it continues to do so then it will start to be counted among the developed nations of the world -- not just for its economic progress, especially in the world of information technology, but for its human rights record and its commitment to bettering the living conditions for all its citizens," he said.
Speaking at the European Union Studies Center at the City University of New York on Tuesday night, Lord Paul, who is also the British Ambassador for Overseas Business, said: "The United Kingdom is engaged in expanding relationships with the emerging countries -- especially democracies like India with which the UK has a special relationship.
Lord Paul said: "Britain has gained a great deal from its multiculturalism and diversity, and especially the input by the Asian community.
"You are seeing this more and more in the United States also, especially the contribution that the Indian community has made to the IT industry. The Asian population has contributed enormously to both our countries and it is something we share."
Speaking on the subject 'Looking to the future of the EU and US', Lord Paul said the international position of the UK to the US, the EU and the rest of the world was an important one.
"This fact is recognised by all three major parties in Britain -- Labour, Conservative and Liberal. Each party has not only agreed that Britain will remain a member of the European Union, but they are also convinced that Britain, and the British people will benefit from the European Union.
"Given Britain's relationship with Europe and the United States, we have an important role to play. While America has many close ties in Europe, Britain is uniquely equipped to be a bridge between the United States and the European Union."
He said for the UK, and for the whole of Europe, "The euro symbolises the determination of the people of Europe to share a future together. The euro has the capability of stabilising the international economic environment."
Lord Paul said: "The EU must develop a new and comprehensive constitution in order to achieve its goals. This union of 500 million people cannot operate using procedures designed half a century ago for a community of six countries.
"We have to reform EU institutions, the way that they work, and the way that decisions are made. We cannot go on allowing each country the veto power over every major decision. At present, the veto is the 'ultimate weapon' that the leader of every EU country, big or small, carries in their back pocket," he said.
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