It is not all doom & gloom post 9/11: Swraj Paul

Our Economic Bureau

Hyderabad, Jan 2: The predictions of world economists on the possible difficult economic conditions throughout the world in the aftermath of terrorist attacks on the WTC have proved wrong, according to Lord Swraj Paul the British Ambassador for business.

“It is not all doom and gloom and it would be wrong to talk ourselves into an economic downturn,” he commented delivering a lecture on ‘Bilateral Trade between the UK and India’ organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry (Facci) here on Wednesday.

Lord Paul said that the fundamentals of British economy remain strong with low rates of inflation and interest and increase in productivity. He further said that the destructive acts must not be allowed to dent the confidence of the industry.

While accepting that some of the sectors like — airlines and travel industry — have suffered due to terrorist attacks, Lord Paul said that the businesses that continue facing uncertain times would be best placed if they secure future opportunities.

Speaking about bilateral trade between the two countries, the British ambassador said that it has recorded a growth of 30 per cent over last year and is now worth 5 billion pounds a year. Similarly, the British investments into India exceed 3 billion pounds, he added.

On the war-like situation between India and Pakistan, Lord Paul said that the world has failed to understand, what India really wants. “No one can stop, if India wants a war, but one cannot compare the US bombing of Afghanistan and India’s aggression towards Pakistan,” he said.

“Britain would play the role of a good friend and see that both the sides do not fight,” he added.