Nick Lee, 24 June 2009
Yesterday’s debate in the House of Lords on Indian investment was an opportunity for Peers involved in the IPT’s India Fellowship programme to report back on their trip to Mumbai and Chennai and to raise some of their concerns with the government.
Lord Janvrin drew attention to India’s continued strong economic growth, the success of recent efforts at economic liberalisation and the importance of the country’s political stability. The strong UK-India bilateral relationship, he noted, was economic, political, and cultural. He nevertheless warned against complacency and highlighted areas the government could do more – in promoting further liberalisation, co-ordinating better the activities of its agencies, encouraging SMEs to invest and in better communicating the value of the markets in India’s growing ‘tier-2’ cities.
The debate also featured contributions from Lord Bilimoria (chairman of the UK-India Business Council and Cobra Beer), Lord Dholakia and Lord Howard of Rising.
Baroness Coussins, who was also part of the IPT’s India delegation, spoke particularly about the inherent importance of CSR to Indian businesses and the need for British companies to learn from India about the ‘enlighted self-interest’ approach of many of their big businesses. The work of the Tata Group in particular was highlighted and she paid tribute to many companies operating in India as well as of social enterprises such as the 'Dial 1298' ambulance service.
Lord Young of Norwood Green, responding for the government, recognised the importance of Indian business and noted the work of organisations such as the BCC, UKTI, UKIBC and UKTI in promoting this.
The full debate can be accessed online at:
http://www.publications.parliament.uk/pa/ld200809/ldhansrd/text/90623-gc0003.htm#090623107000148
