Kolkata: Business Ambassador of Britain and Caparo Group Chairman Lord Swraj Paul on October 13 supported the privatisation policy of Indian government saying it should be actively pursued in order to create more value.

"Government has no business running businesses and it should get out of it. India has wasted a lot of money in last 50 years on sick public sector undertakings. I am of the view that government's job is only to look after areas of health, education and law and order," Paul told reporters after addressing members of Young Leaders' Forum in Kolkata.

"Government should be only involved in business for creation of value," he said.

Asked about his opinion on privatisation of profit making companies like Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL), Lord Paul, who has been specially designated by the Government of UK to promote business and socio economic exchanges between India and UK, said, "You should not think that only sick companies can be disinvested. We will, however, have to see whether somebody else could create more value."

"It is to be examined whether companies like BPCL and HPCL could start making higher profit under private hands, can somebody create more value?" Lord Paul said.

Asked about the recent protests in the UK over outsourcing from India, he said, "In democracy people have every right to protest, but this will not prevent us from continuing on the path of globalisation."

PTI