Amid the ongoing high-profile India visit of foreign secretary William Hague and Chancellor George Osborne, Paul stressed that they must act on long-discussed plans such as the UK's interest in developing the lucrative Bangalore-Mumbai Economic Corridor (BMEC).
"I think from a British point of view, there is no better time to clinch it (BMEC) because the government of India wants to get on with doing things and anything which, in my view, lasts too long in discussions never happens. It becomes a talking point for every visit," Paul told PTI.
The head of the Caparo Group of industries and Chancellor of Westminster and Wolverhampton Universities also highlighted the importance of the current visit to set the tone for the future of India-UK ties and clarifying any uncertainty around Britain's shaky relationship with the European Union.
"Firstly, Britain has fallen behind European countries. Secondly, Britain is important to India but the EU is far more important. So this uncertainty is disturbing for the business people of India because they would like to invest in Britain but they want to invest because it's an European market," he said.
"But that uncertainty, unfortunately exists in British businesses here as well. So whatever the two ministers can assure India, I think will go a long way in business and other fields," he added.