•Coomi Kapoor: What lessons have you learnt from your experience in the 80s, because even after that bad experience you’re willing to invest in India?

Lord Swraj Paul: I learned one thing at that time: never trust what you’re told. Even back then, it was the Indian Government and Indian industry who invited NRIs to invest here. But once you invest, they don’t even want to register the shares.

•Manish Chibber: How difficult is it to do business in India?

Lord Swraj Paul: India is still the most difficult place in the world to do business.

•Unni Rajen Shanker:  We’ve seen 15-16 years of economic liberalisation. What still needs to be changed?

Lord Swraj Paul: There are obstructions in politics here and obstructions in business as well. They have one set of rules and values when they want to go outside India and another when they want people to come to India as investors or when they want a partnership with them. The experience of people all over the world is that partnerships in India are amongst the most difficult ones.

•Manish Chibber: Do you think that the Indian legal system and laws come in the way of a proper business environment?

Lord Swraj Paul: We have a good judicial system here and most of the judges are honest and decent people. Although it may take 25 years, a case is decided on merit. But the process is very difficult and nobody living abroad can spend that much time on a legal wrangle.

... contd.