New Delhi: "Wake up India, you are almost there and you can soon join the group of eight industrialised nations (G-8)," leading NRI (Non Residential Indian) industrialist Lord Swraj Paul has said, cautioning that India should not slip up now after decades of "too much socialism".

Stating that he was far more positive about India now because, "We are on the threshold of being able to make a mark as members of the developed world," Lord Paul is of the view that the country must maximise the use of its talent pool.

Blaming "too much socialism" for retarding India's development so far, the London-based chairman of the Caparo Group of Industries, told the 'Society' magazine in an interview that till 1995, India had the same industrialists who could be counted on fingers.

"Today's big names like Narayana Murthy, (Mukesh and Anil) Ambanis and (Azim) Premji among others did not even exist before 1995. This gives the younger generation hope that capitalism is not a hindrance as long as you have the ability to work hard and are enthusiastic," he said.

Lord Paul said unlike anywhere in the world, India churns out two to three million graduates every year. "The world is going to run out of talent and India must make sure that it doesn't slip up now."

Asked if the BJP (Bharatiya Janata Party) was "good news" for India's image abroad, Lord Paul said, "Absolutely. Vajpayee has turned out to be a great statesman and a great Prime Minister. After Mrs (Indira) Gandhi's death, it is Vajpayee who has restored India's status and image."

Lord Paul, who recently had a whirlwind tour of Tamil Nadu and West Bengal where he has pledged funds for a modern cultural centre, recalled that, "Three years ago, I said that after Mrs Gandhi, Vajpayee is the greatest Prime Minister India has had. It didn't make me popular but at least I told the truth."

On whether the Congress can only be put together again by a member of the Gandhi family as it "almost went to pieces" after Rajiv Gandhi's death, he said, "It's a fallacy that the problems in Congress arose because of the loss of dynasty.

"In a democracy there is no place for dynasty. Sonia (Gandhi) is having a go on her own," he said.

To a question on Sonia Gandhi's Italian origin and how he viewed her as a Prime Ministerial candidate, he said, "I don't think the citizenship issue should matter because the Constitution allows Sonia to be the Prime Minister if she wins an election."

Lord Paul said if somebody did not like her foreign origin, then he should try to change the Constitution as otherwise it would go against the rule and spirit of law.

"If tomorrow, one billion Indians decide that Sonia is the best person to be the Prime Minister, no one can challenge the wisdom of those one billion people," he said.

Otherwise, one should follow the American Constitution, which states that if one is not born there, one cannot become a candidate (for Presidentship), Lord Paul said.

On when he thought India would become a power to contend with, he said, "I would have liked it happen yesterday. But it is up to the media to convey a positive message that you should be proud of being an Indian, that India is a happening country."

Asked should NRIs be given more concessions, Lord Paul, appointed Ambassador of British Business by Prime Minister Tony Blair, made it clear, "Concessions are not necessary. People who don't want to do anything demand concessions."

To a question about illegal immigration especially of labour, which was a problem for both India and the UK, he said, "It is a big dilemma at the moment. But it has been partially misunderstood and focussed on as though it's the real problem."

The real problem is terrorism, he said, adding, "So what one should worry about is that terrorists may slip into the country, in the guise of seeking political asylum or as illegal immigrants."