'Closer economic ties with India will create jobs and opportunities for Canadians

TORONTO: The Honourable Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, today participated in a round table on business prospects betweenCanada and India, where he underscored the Harper government's aim to complete free trade negotiations with India in 2013. The round table was the opening session at the Pravasi Bharatiya Divas (Day of Overseas Indians) conference being held for the first time in Canada.

"The Government of Canada is committed to creating economic prosperity for Canadians by strengthening and increasing trade and investment with India," said Minister Fast. "This Day of Overseas Indians conference provides a unique opportunity for the Indian diaspora to come together and discuss how to work to create the jobs and opportunities Canadians and Indians are looking for in the years to come."

The two-day conference includes sessions on innovation, science and technology, and small and medium-sized enterprises. Participating in the business prospects round table with Minister Fast were Arun Maira, a member of the Planning Commission of India, and A. Didar Singh, Secretary of the Ministry of Overseas Indian Affairs.

"Our leaders have set a clear goal: to increase our bilateral trade to $15 billion by 2015," said Minister Fast. "A key part of reaching that shared goal will be a free trade agreement, which stands to become an important building block in constructing a broader and deeper bilateral relationship."

In November 2010, Canada and India launched the first round of negotiations toward a comprehensive economic partnership agreement. A recent Canada-India joint study estimated that a free trade agreement between the two countries has the potential to boost Canada's economy by $6 billion-$15 billion annually, benefiting Canadian businesses of all sizes and creating jobs and prosperity in every corner of the country.

The conference is part of a number of activities taking place across the country in 2011 to mark the Year of India in Canada, launched by Prime Minister Stephen Harper and Prime Minister Manmohan Singh. These activities highlight India's culture, traditions and diversity and celebrate the contributions of the Indian diaspora to Canadian society. About one million people of Indian descent call Canada home.

In 2010, bilateral merchandise trade between Canada and India totalled $4.2 billion, an increase of 73 percent since 2004. Canadian merchandise exports to India increased 142 percent over this period, reaching nearly $2.1 billion in 2010. In 2010, two-way direct investment was more than $7 billion.

"With trade representing some 60 percent of Canada's economy, deepening our relationship with key countries such as India is vital to our economic recovery and to the strengthening of the financial security of Canadians—now and into the future," concluded Minister Fast.

Courtesy: midweekcanada.com

Salary of Rs70 lakh. Which college did you go to?

Bangalore: The cloud of recession looming large over Indian economy for sometime seems to have been cleared at least at the premier B-school of the country, Indian Institute of Management Bangalore (IIM-B), where students are getting fat salary offers.

The second year students of Post Graduate Programme in Management (PGP) at IIM-B are said to be getting salary offers as high as `70 lakh ($150,000) from top companies, as part of lateral placements process currently under way at the campus.

However, officials at the top B-school preferred to maintain silent on the offers. IIM-B career development services head Sapna Agarwal said it was the policy of the institute not to share information about placement activities.

Lateral placements are meant for students with at least 22 months of prior job experience, before they come to pursue their managerial course at IIM-B. “The lateral placements will end on Saturday (February 19). Till, now, close to 100 students have been hired by 30 top global companies,” she said.

Experts say that IIMs have reported up to 20 per cent to 25 per cent increase in salaries offered by companies across sectors such as consulting, FMCG, financial services and IT, to experienced professionals this year. In most of the IIMs, the highest domestic package on offer is Rs30 lakh, up from Rs28 lakh last year, while the highest international package is Rs70 lakh.

Some of the top firms hunting at IIMs for best brains are Deloitte Touche Tohmatsu, PwC, Cognizant Business Consulting, Infosys, Wipro Consulting, HCL, TCS, Reliance Power, L&T etc.

Experts say IIMs are also witnessing at least 75 per cent increase in the number of offers this year compared to last year.

Canada announces new visa regime for Indians

TORONTO: Giving a fillip to Indo-Canada trade relations, Toronto has announced a new visa regime that will allow Indians 10 years multiple entry visa to the country. 

The announcement was made by Canadian minister of international trade Edward Fast at a meeting with delegates of the Indian government and business community at the two-day mini Parvasi Bharatiya Divas Canada 2011 convention that began here on Friday. 

Fast said the new visa process would be available to Indians who travelled to Canada frequently. 

"After an initial visa screening, applicants can get a visa that allow them to visit Canada often - as long as their passports are valid up to ten years," Fast said. 

Minister of State for External Affairs Preneet Kaurwho is leading the Indian delegation said both countries were committed to strengthen their bilateral trade relations. 

"The Indo-Canadian community is a microcosm of the people of Indian origin living abroad," she said. 

" India and Canada will soon sign the Social Security Agreement, conclude a bilateral Investment Protection Agreement, negotiate a revised Double Taxation Avoidance Agreement and complete an ambitious Comprehensive Economic Partnership Agreement," she said, adding both nations aim at a bilateral trade target of USD 15 billion in next five years. 

Both countries were in talks for a Comprehensive Economic Partnership Agreement that would yield significant economic benefit and lower tariff on a large number of products for both the countries.

Indian-American creates world's largest tricolour

CHICAGO: Exuding unflinching patriotism, an Indian-American here has created the world's largest Indian flag, weighing 250 kg, as a symbol of peace and harmony in the country. 

The tricolour, which stretches 153 by 102 feet, was created by entertainment businessman Monty Saiyed and has found place in Limca Book of Records in April this year. 

His creation will feature at the two-day Vibrant India event to be held here on July 16 and 17 with performances from Bollywood actors and singers. 

"The flag is a message of peace and unity. This is an occasion of unity where everybody should stand together and support the cause of the flag and take the honour of it," Saiyed, 35, said. 

It took 15 days for seven Porbandar tailors, recruited by Saiyed, to sew this cotton flag. 

After the Vibrant India event, the flag will be flown back to Navsari in Gujarat and could be used in other events in different Indian states. 

"Next year, the flag will be used for the same purpose of peace and unity in different states in India," Saiyed said. 

Saiyed, who is living in the US since the age of seven, said his great grandfather first came to India 1100 years ago from Medina in Saudi Arabia, when King Siddhraj Jaysingh was the ruler settled in Navsari. His family members also run a foundation called "Gandhi Peace Mission" in Gujarat for the last 7-8 years.