Under the table deals will destroy India's potential: Paul

The old, cozy, family and favourites and under the table style of doing business could destroy India’s commercial potential as it taps Africa’s vast markets, leading NRI industrialist Lord Swraj Paul warned today.

“India and Africa must understand that professionalism and transparency is the only path to progress in business,” Paul said while inaugurating the 10th Annual India Business Forum of the London Business School.

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With the economic and political landscape of the world changing in ways unimaginable a decade ago, he underlined that it is increasingly evident that professional business training is one of the essentials for the globalised economy.

“India has changed considerable in this respect professional management has transformed Indian business - and for the better. I believe that lesson is not lost on African entrepreneurs,” he said in his speech at the event titled ‘India and Africa: Getting down to Business’.

“For too long both our societies have been burdened with this old, cosy, family and favourites, under the table style of doing and managing business,” he noted.

Recalling his personal experience, Paul, Chairman of UK-based Caparo Group, noted that one of the biggest challenges in his career came when, some three decades ago, he confronted two of the largest companies in India businesses.

It was evident then that the commercial potential of India was destroyed by these unprofessional managements," he said without naming the business groups.

Paul, Chancellor of two British Universities - Wolverhampton and Westminster - pointed out that in the past 10 years, the global economic and political landscape has changed dramatically with a remarkable transfer of wealth from Western world to the non-Western world.

“We have seen the powerful growth of countries that have had a long history of mediocre performance. We have seen how the world’s leading economies have stumbled and lost considerable.

PTI