Jobs, economic growth & future prosperity

Hon. Ted Menzies, federal Minister of State for Finance, held an interactive session with Indo-Canada Chamber of Commerce (ICCC) members Thursday afternoon. During the session the Minister highlighted several important initiatives announced in the 2013 Economic Action Plan.

Among these are:

• Reduction in taxes:  Economic Action Plan 2013 proposes to provide $1.4 billion of tax relief to Canada’s manufacturing sector through a two-year extension to the temporary accelerated capital cost allowance for machinery and equipment.
• Hiring Credit for Small Businesses:  Economic Action Plan 2013 expands and extends the temporary Hiring Credit for Small Business for one year in recognition of their role as job creators in the Canadian economy.
• Training grants to employers: The Canada Job Grant will transform the way Canadians receive training. The Canada Job Grant could provide $15,000 or more per person to ensure Canadians are getting the skills employers are seeking.

He also emphasized the investment in infrastructure and maintaining fiscal balance. The $53.5b Building Canada Plan announced this year is the largest long-term federal commitment to Canadian infrastructure in Canada’s history.

Further, the Minister explained that the plan is a low-tax plan that aims to control government spending. “The government is committed to fulfilling its commitment of balanced budgets by 2015,” he said. The government is focussed on jobs and economic growth and ensuring Canada’s economic advantage will translate into long-term prosperity of the future.

Speaking on the occasion, Naval Bajaj, President, ICCC, said, “As a Chamber of Commerce, our focus is to promote bilateral trade between Canada and India and to create opportunities for small businesses. On both these counts the Economic Action Plan 2013 is promising.”

ICCC President drew attention of the Minister to India’s removal from the Generalized Preference Tariff (GPT) regime, which could adversely affect Indian exports in agri-products, footwear and apparels. Mr. Bajaj said the positive results that would begin to accrue from the comprehensive economic partnership agreement (CEPA) would compensate any adverse effects of the GPT decision.

Minister Menzies assuaged any concerns over this matter and said the decision to review a four-decade old provision wouldn’t affect the growing volume of bilateral trade between Canada and India.

The participants in the interactive session included entrepreneurs, bankers, representatives of bilateral organizations and other professionals. The Minister fielded questions during the session from the participants.