Against the industry receiving any subsidy, give it to poor: Swraj Paul

NEW DELHI: London-based industrialist and founder of the Caparo Group Lord Swraj Paul today said he is against the industry receiving any government subsidy, which should instead be given to the poor and farmers.

"I don't like subsidy of any kind to any industry. If you want to help the poor farmers, then (give) subsidy to only them. Most of them have been badly treated," Lord Paul said here.

He was talking to reporters after the Euro 1.5 billion Caparo Group announced its diversification into the high-end mattresses business in a joint venture with UK-based Harrison Spinks and Wade Group.

Lord Paul was responding to a query whether rising subsidies in India would be detrimental to the economic growth, putting additional burden on the exchequer.

He said instead of talking only about "5 per cent, 1 per cent or 10 per cent of the society", the level of the poor-man should be raised.

"I am a very strong socialist and I am a very strong believer that we have neglected the poor man... My commitment is to all the people of the country, not just the few," Lord Paul said.

In the Budget last month, the Indian government pegged its outgo on food, fuel and fertiliser subsidies in 2012-13 fiscal at over Rs 1.79 lakh crore.

Asked about concerns that crucial Bills get stuck in the Parliament because of frequent protests and stalling of proceedings, Lord Paul said such processes and coalitions have led to strengthening of Indian democracy in the last 10 years.