India, a bright spot in global economy


Right time for foreign investors to tap the huge potential; World community must chalk out strategy to extradite economic fugitives

The Vice President of India Shri M Venkaiah Naidu said that a steady growth rate of almost 7% coupled with a series of reforms made India, the most favourite destination for investments in the world. Shri Naidu said that it was the right time for foreign investors to tap the huge potential offered by India in various sectors from real estate to healthcare.

Shri Naidu said that government’s initiatives and reforms helped India achieve 11th rank in the Global FDI confidence index 2018. Referring to a report by UBS, he said that the annual FDI inflows would rise to $ 75 billion over the next five year and added India with its growth momentum would soon become $5 trillion economy.

Describing India as a bright spot in the world economy, he said India would continue to be the fastest growing major economy in the world, quoting the World Bank’s latest forecast. It said the GDP is expected to grow at 7.3 per cent this fiscal year and at 7.5 per cent in the following two years.

Shri Naidu said that the robustness of India’s institutions, resilience of its policy frameworks, the reforms initiated by the government and the responsiveness of Industry bodies such as CII have insulated its economy from stagnation and helped in achieving the dual distinction of being a stable democracy and one of the fastest growing economies in the world. Continue reading “India, a bright spot in global economy”

Federal Tax Changes coming into effect in the New Year

Ms. Ruby Sahota, Member of Parliament for Brampton North, wants to share information about new tax  changes at the federal level that will positively affect our
middle class and those working hard to join it. These changes include:

-Decreasing the Small Business Tax rate from 10% to 9% which will provide up to $7500 in
savings for small business owners a year. When we formed government the small business tax was
11.5%; now it is one of the lowest small business tax rates in the world. Small businesses make up
98% of all Canadian businesses and employ 8 million hard working Canadians.

-Changing the Canada Pension Plan premium from 4.95% to 5.1% on earning between $3,500 and
$57,400. These enhancements will increase the maximum CPP retirement benefit by about 50%
for those who make enhanced contributions for 40 years, supporting Canadians as the cost of
living increases.

-Decreasing Employment Insurance premiums from $1.66 to $1.62 per $100 of insurable earnings.
-Increasing the Canada Workers Benefit for lower income workers, which helps low income
earners stay employed as experts say that more than half of all Canadians who live in poverty are
working. Continue reading “Federal Tax Changes coming into effect in the New Year”

Prime Minister announces investment in artificial intelligence to create over 16,000 jobs for Canadians

The Prime Minister, Justin Trudeau, has announced an investment of up to nearly $230 million for the AI-Powered Supply Chains Supercluster (SCALE.AI) based in Quebec. The investment is expected to create more than 16,000 jobs and add more than $16 billion to our economy over 10 years. The funding will be matched dollar-for-dollar by private sector partners. The government of Québec also announced an investment of $60 million to support the initiative.

SCALE.AI brings the retail, manufacturing, transportation, infrastructure, and information and communications technology sectors together to build intelligent supply chains through artificial intelligence and robotics. This supercluster is helping Canadian small and medium-sized businesses take advantage of new opportunities, and positioning Canada as a global export leader.

The Prime Minister made the announcement while delivering remarks at the G7 Multistakeholder Conference on Artificial Intelligence in Montréal, Quebec. The conference brought together over 150 technology leaders, academic experts, members of civil society, and government officials from G7 countries, including Minister of Innovation, Science and Economic Development Navdeep Bains, France’s Secretary of State for Digital Affairs Mounir Mahjoubi, and Quebec’s Minister of Economy and Innovation Pierre Fitzgibbon. Continue reading “Prime Minister announces investment in artificial intelligence to create over 16,000 jobs for Canadians”

‘India has become the sixth largest economy of the world’-P.M. Narendra Modi

The Prime Minister, Shri Narendra Modi, today addressed the nation from the ramparts of the Red Fort, on the occasion of the 72nd Independence Day.

Asserting that India is today brimming with self-confidence, the Prime Minister mentioned developments such as the success of Navika Sagar Parikrama by six young women naval officers, and the achievements of young Indian sportspersons from humble backgrounds. He mentioned the blooming of Neelakurinji flowers in the Nilgiri hills, a phenomenon that occurs once every 12 years. He said that the recently concluded session of Parliament, was one dedicated to the cause of social justice. He noted that India is now the world’s sixth largest economy.

The Prime Minister paid homage to the freedom fighters and martyrs. He saluted the jawans of the security forces and police forces. He recalled in particular, the martyrs of the Jallianwala Bagh massacre, which happened on Baisakhi day in 1919. He offered condolences to people affected by floods in some parts of the country.

He quoted poet Subramaniam Bharti to say that India will show the world the path to freedom from all kinds of shackles. He said such dreams were shared by countless freedom fighters. He said that Indians are now coming together to build the nation. Continue reading “‘India has become the sixth largest economy of the world’-P.M. Narendra Modi”