Trends in Global Markets: A Special Focus on India
Part of ICCC-CIBC series for small businesses
By A Correspondent
India is a country of future and future has arrived. Young and educated population of India, business friendly government and robust banking system will write the Indian growth story in the years to come. The growth potential in India is expected to propel Canada-India business ties, Benjamin Tal, Chief Economist, CIBC bank said on October 16, 2014.
Mr. Benjamin Tal was addressing members and invited guests at the Speaker Series of Indo-Canada Chamber of Commerce in Brampton. He further said that the world economy is going down but the trend in Indian economy is opposite to these developments. He added that 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.
Indian skilled and educated work force is growing while most countries including Canada and China will be experiencing a net reversal of labor trends i.e. retiring workers will exceed those joining the workforce as result of aging populations, India will continue to benefit from its younger demographic.
Analyzing the Global economy at present and its future trends, Tal explained that all the major economic blocks such as Eurozone, G-7 and OPEC countries are struggling to stabilise their economies. Canada emerged as a model economy for the G-7 countries which is keeping the low interest rates and slowly increasing the capacity of its productivity in manufacturing sector. Canada is more concerned with the items which are sensitive to CAD$ as it wanted to keep the CAD$ lower as compare to US $.
Mr. Dharma P Jain, President, ICCC said that major strength of the Small and medium businesses is their close relationship with their immediate customers. This relationship has been challenged with the low cost and technically competitive products in the open market. So to cope with this challenge the small businesses needs new market and comparatively better product to compete. ICCC is always championed the cause of the SMEs in its mandate and continuously working for their cause.
Tony Chawla, Vice President, ICCC & the master of ceremony for the evening said, “Mr. Tal’s session this evening is part of the Chamber’s continuing efforts to provide a platform to take the Canada-India bilateral trade to a new level.”
Mr. Rajeev Misra introduced the speaker to the audience.