Leading NRI industrialist Lord Swraj Paul on Saturday called for a "new deal" between developed and developing countries in trade and economy to eliminate poverty and to ensure sustainable development.
Lord Paul said this while delivering the Surrendra Paul Memorial Lecture at the Ramakrishna Mission Institute of Culture in Kolkata.
"It is a global campaign against poverty and for social justice that builds the economic foundations for a virtuous circle of debt relief, poverty reduction and sustainable development. [This] can ensure that the world's poor can earn a fair share in the benefits of global prosperity," the chairman of the Britain-based Caparo Group said.
Lord Paul said as the world moved towards more globalisation, the richest and the poorest countries were inextricably bound to one another by common interests, shared needs and linked destinies.
"What happens to the poorest citizen in the poorest country can directly affect the richest citizen in the richest country," Lord Paul, who is also Britain's roving ambassador, said.
Surrendra Paul, in whose memory the lecture was organised, was Lord Paul's brother.
Calling upon nations to strive to achieve equality among all people, Lord Paul said this could be done only if the wisdom and achievements of all countries was used to work together to improve the quality of life for all people in the world.
He said international cooperation was essential to achieve the highest sustainable levels of growth and employment.
Lord Paul also expressed confidence that every Indian had a role in shaping the country's place in the change that was "sweeping the world".
Referring to his recent meeting with President A P J Abdul Kalam, during which the President presented him a copy of his book Ignited Minds, Lord Paul said, "I was inspired by this book," adding, "in our new President we have a great man and a great thinker."
Trying to resolve the age-old conflict between wealth and responsibility he said the Hindu doctrine postulates that while the pursuit of wealth may be permissible, attachment to it is not.
"I believe in the system of free enterprise because it encourages the individual, it is efficient and it creates wealth rapidly," he said.
But he cautioned saying such enterprises cannot be allowed to run unchecked and a set of rules was needed to ensure social responsibility.
Lord Paul also praised the work being done by the Ramakrishna Mission saying it was a source of inspiration to many in India and abroad.
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