Our Bureau

New Delhi, March 21

The Lord Mayor of London A.D. Brewer has sought further liberalisation of services, mainly financial and legal services, to inject competition and spur growth, while addressing a conference organised by FICCI here.

``I realise there are issues with some elements in India, who are fearful of globalisation, who would be happy with a `Little India' with barriers on trade and professional services, especially barring international law firms or placing restrictions on foreign investment in key financial service sectors,'' he said here.

Citing the example of the Chinese, Koreans, Indonesians and Chileans, who according to him, were proving that liberalisation was the way forward, he said: ``You (India) should look to your natural partner, the City of London, with our professional financial services advice and as a place to raise capital on the main London Stock Exchange markets.''

Lord Brewer also said that liberalisation of services could bring tremendous benefits and drive down costs, while improving efficiency through greater competition and innovation.

(This article was published in the Business Line print edition dated March 22, 2006)
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