Calling for 'political courage' to remove 'bugbears' in the way of India achieving global greatness, eminent NRI industrialist Lord Swraj Paul on Saturday stressed that the country should speed up privatisation, tax reforms and reduce corruption.

"If India wants to become a developed country, transparency, which brings the wind of accountability and moral responsibility into public and corporate life, is not something that can be ignored," he said delivering the annual lecture of Society of Indian Law Firms here on the theme 'India: Clearing the Path for Global Greatness.'

London-based Lord Paul listed the 'obstacles' on the road to global greatness as debt burden, social issues, high trade tariff and the issue of attracting private, including foreign investment, besides privatisation, tax reforms and corruption.

"With the political courage and some help from friends in the international community, India can conquer these bugbears," he said.

Lord Paul, an Ambassador for British Business, asserted that India has all the potential to become a developed country as it has the necessary resources to continue its remarkable path of economic growth and the manpower and human capital to harness and use those resources towards productive ends.

"But in order for that attitude to translate into something real, this country must move on and deal with its problems as quickly as possible," he said.

On debt burden, Lord Paul said India's debt and fiscal deficits parameters were 'worrisome' and that there was particular need to curb spending by the national government, and, especially the state governments.

Maintaining that such spending existed as people have had too much faith and too many expectations from government, he said many eminent thinkers and leaders with good intentions encouraged these attitudes and made promises that could never be fulfilled.

"But now India has the chance to reverse overspending," he said, voicing confidence that debt burden could be brought under control.

Referring to social issues, Lord Paul said the provision of safe drinking water, elementary health facilities, higher literacy and supply of power and other basic necessities of life to all citizens of India was a 'formidable challenge.'

Contending that the obstacle of high trade tariffs needed to be overcome, the founder of the Caparo, the UK-based industrial company, said the government must follow through its commitment to lower trade barriers.

"But here, the world's already-developed nations can help by reducing their own agricultural subsidies and tariffs, and by encouraging other nations to do the same," he said.

Regarding foreign investment particularly in infrastructure and energy areas, he said, "We should not be afraid of foreign investors. We have learned that free markets need not automatically lead to increased income inequality, and we can draw upon the experiences of dozens of countries which have effectively developed into successful economies to discover how best to proceed."