Britain asks India to open legal, banking services
Britain today asked India to liberalise its legal and banking services, saying an environment was needed to allow the country's services sector to flourish as per the potential.
By Agencies |
NEW DELHI: Britain today asked India to liberalise its legal and banking services, saying an environment was needed to allow the country's services sector to flourish as per the potential.
"If India wants to become a dynamic economy it can, and metros like Mumbai want to be among four or five global hubs of business, it requires an environment in which the service sector businesses can flourish," British High Commissioner Sir Richard Stagg told reporters here.
Stagg, who was briefing the media on Prime Minister Gordon Brown's two-day visit here from Sunday, said his country wants India to liberalise legal and banking services.
If it happened, India will be much more dynamic country in 2020 than at present, he said.
Seeking to allay apprehensions in India on opening up the legal services, the High Commissioner said the country would stand to gain, rather than lose if it was done.
Indian lawyers can work in UK and legal firms of Britain and US will transfer work to India for low-cost operations, he argued.
On banking, Stagg said if the sector was liberalised, it will bring competition to the banks and make them more efficient, besides making more capital available.
"It will be an all-win situation with the exception of some groups of people having narrow interest. The government has to find a way out of these interest groups to put rich infrastructure in place," he said.
"We want partnership which will be beneficial for you," the envoy said.
"If India wants to become a dynamic economy it can, and metros like Mumbai want to be among four or five global hubs of business, it requires an environment in which the service sector businesses can flourish," British High Commissioner Sir Richard Stagg told reporters here.
Stagg, who was briefing the media on Prime Minister Gordon Brown's two-day visit here from Sunday, said his country wants India to liberalise legal and banking services.
If it happened, India will be much more dynamic country in 2020 than at present, he said.
Seeking to allay apprehensions in India on opening up the legal services, the High Commissioner said the country would stand to gain, rather than lose if it was done.
Indian lawyers can work in UK and legal firms of Britain and US will transfer work to India for low-cost operations, he argued.
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On banking, Stagg said if the sector was liberalised, it will bring competition to the banks and make them more efficient, besides making more capital available.
"It will be an all-win situation with the exception of some groups of people having narrow interest. The government has to find a way out of these interest groups to put rich infrastructure in place," he said.
"We want partnership which will be beneficial for you," the envoy said.
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