India Enters 61st Year of Independence
as the "Other Tiger Economy"

- Hon. Jim Flaherty 
Federal Finance Minister and Minister Responsible for the GTA

This is a monumental occasion and a very special year.

While Canada is celebrating its 140^th birthday, India is marking 60 years of Independence.

In historical terms, our two nations are in their infancy.

But progress need not be measured in years, our reach and influence continues to expand around the globe.

The Other Tiger Economy

India is a market of boundless opportunity and tremendous potential. It is the largest democracy in the world with over one billion people. 

The economy has been on an ever-increasing growth curve with stable eight to nine percent annual growth over the past several years.

If this current pace of expansion continues it is predicted that India will become the world’s fifth largest economy within a decade overtaking Italy, France and U.K.

India’s economic revolution has been fuelled by strong exports of chemicals, metals, pharmaceuticals, textiles and Information Technology services.

In fact, India has become a world leader in IT services, with Indian Universities graduating hundreds of thousands of IT professionals and engineering graduates every year.

These young, talented individuals are fluent in English and determined to succeed.

Canadian Economy

The Canadian economy, on the other hand is strong and getting stronger.

Our economic fundamentals are as solid as the Canadian Shield:

1)   We are experiencing the second-longest period of economic expansion in Canadian history;

2)   Our unemployment rate is the lowest in over 30 years, with more Canadians working than ever before; 

3)   We’re on the best fiscal footing of any country in the G7 with ongoing budget surpluses and a falling debt burden; and 

4) We are an emerging energy superpower with the second-largest established petroleum reserves on the planet next to Saudi Arabia;

Mutual Benefits

Our government recognizes the tremendous opportunity to build further bridges between our two countries.

As a trading nation, Canada is actively pursuing trade and investment opportunities in a systemic and sustained way.

The mutual benefits are obvious.

To sustain the momentum and economic growth India will require a predictable long-term supply natural resources and energy.

It will require the development and expansion of infrastructure like roads, railways and water systems and it will require a variety of financial services.

Canada is well positioned to help meet this growing need. We have an abundance of oil, natural gas and uranium. We are a centre of excellence in science and technology. We have construction firms with vast global experience. And we are a modern financial services centre.

Over the past couple of years we have seen investment into Canada by India in the order of a couple billion dollars.

A good start, but not near our potential.

If we want a stronger, more durable trade relationship, if we want to be a global leader in developing and adapting technology and if we want to drive Canada’s productivity and competitiveness, then we must see more two-way investment.

Our long-term goal is establishing a high-quality free trade agreement with India.

Indian Influence

But our relationship goes well beyond economic considerations.

Canada and India have become good friends with a great appreciation and respect for cultural diversity.

India’s contribution to Canada has been profound and deeply rewarding.

Today, India is the second largest source of new Canadians with over 700,000 people of Indian heritage calling Canada home.

Indo-Canadians have shared their culture, shared their values and shared their skills and expertise. and continue to do so.

Through cultural organizations such as Panorama India, Indo-Canadians have also shared their spirit of generosity and giving.

They have provided monetary gifts to many worthy causes over the years such as: the Prime Minister of India’s National Relief Fund; the Tsunami Victim’s Fund and

to support the South Asian Gallery at the Royal Ontario Museum.

I would like to conclude with a final thought.

On Canada Day I hosted a swearing-in ceremony in my riding of Whitby-Oshawa.

I saw the look of pride on the faces of those who were finally receiving their Canadian citizenship. To me, this is what Canada is all about. It is about embracing other cultures and encouraging new Canadians to be the best that they can be.

These people have tremendous potential and their personal success, is our collective success. This gathering tonight is living proof of such success. Indo-Canadians have made a lasting positive impression on our social fabric and Canada is a much richer place as a result.

I applaud you for your contribution to Canada and again congratulate India on achieving 60 years of independence.

[Remarks at Panorama India's Canada-India Gala Day Dinner held on July 8 in Toronto.]