"You need to give her a little more time. The people have elected her with a lot of affection and love. Please give her more time and people should not be impatient. She must be keen to prove herself and I am sure that she will be able to perform," Lord Paul told a meet-the-press programme at Press Club.
"She has three more years to go. It is nice in a democracy people have the chance to change," Lord Paul said.
"When government acquires land, they should inquire for what purpose it was required and a reasonable compensation should be paid. Without reasonable compensation, it is unfair," he said.
"Industry should not be cashing on the land," he said.
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Asked whether his Caparo group had any investment plan for the state, Lord Paul said "I am 82 years old, what plans can I have? But there is no plan to invest now.
Commenting on the impact of prevailing political atmosphere on business in Bengal, Lord Paul said "you should not mix politics with business."
He also condemned the attack on state finance minister Amit Mitra in Delhi yesterday.
"I have read about it in the media. Whatever has happened is not desirable.