India is emerging as an attractive market for FDI
ICCC President Mr. Dharma P Jain and Vice President Mr. Tony Chawla presenting plaque to Mr. Peter G Hall
Manufacturing, service sector, optimum use of natural resources and young & skilled educated workforce will lead the Indian growth story in the coming years, Peter Hall, Chief Economist, Export Development Canada said October 21, 2014.
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Mr. Peter G Hall
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Hall was addressing ICCC members and invited guests at the Speaker Series of Indo-Canada Chamber of Commerce in Brampton. He said that over build housing market, increased consumer debt and a trading economy with lower growth of manufacturing sector compelled Canada to diversify its trade partners and look beyond USA. Canada can utilize the Indian market for starting manufacturing activities to boost the economy.
“Overall, the economic opportunities between Canada and India are growing exponentially, especially due to the locally developed capabilities of the Indian economy,” Hall said.
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Analyzing the Indian economy at present and its future trends, Hall explained that India will continue to benefit from its younger demographic as around 50% of its population is under the age of 25.
He added that the Government of India is now actively inviting the very substantial investments and trading partners needed to fuel the country’s tremendous infrastructural requirements across several sectors. Domestic consumption patterns in India are also helping its economy whereas Canadian market is limited.
Dharma P Jain, President ICCC, said, “SMEs will be performing a major role in sustaining the Canadian economy and the most effective way to overcome recessionary trends in the local North American economy is for the SMEs to explore global markets like India.” The new Government in India is business friendly and have the potential to attract more investment to develop their economy with the reforms in regulations.
Tony Chawla, Vice President, ICCC & the master of ceremony for the evening said, “Mr. Hall’s session this evening is part of the Chamber’s continuing efforts to provide an expert overview of the ongoing business developments”.
Mr. Mark Bolger introduced the speaker to the audience.
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