The Caparo Group chairman also called on Cameron to work even more closely with India during his second term as Britain's prime minister.
"The result today means the people have won. Cameron connected much better with the ethnic minority community, especially in the last 10 days of the campaign. And, I am sure that has had an impact on the results," Paul said.
"As a PM who now commands a full majority for a second term, he must work even more closely with India because no government can afford to ignore India as a partner," he said.
"The Labour party was always meant for everyone but lately it seemed to be pleasing only the unions. It was simply a case of a poorly run campaign. The party must now take its time to elect a capable new leader," he said.