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LONDON: Leading UK-based Indian-origin entrepreneur Lord Swraj Paul on Sunday said that his company Caparo Group's expansion plans for the Indian and US market, which had to be slowed down due to the coronavirus pandemic related uncertainties, should pick up during the course of the New Year.

The industrialist said he remains hopeful that the situation will improve to allow the company's job creation plans in the engineering sector for both markets.

The 89-year-old House of Lords peer said he hoped the harsh impact of the lockdown would start easing gradually in 2021.

“These are very difficult times and our expansion plans for India and the US had to be slowed but we remained committed to it and to create new jobs,” said Paul.

"There are vaccines and we can look to 2021 with hope," said Paul, who has received his first of two jabs of the Pfizer/BioNTech vaccine against COVID-19.