Canada and India have put added focus on a CEPA deal. The main stumbling block is the lack of FIPA deal. FIPA was negotiated in 2007, but was never signed by India. India wants disputes to go through the Indian court system. The problem is litigation could take up to five years.
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India – economic growth – trade and fipa deals with Canada - September 2017
1. INDIA – ECONOMIC
GROWTH –
TRADE/FIPA DEALS
WITH CANADA
BY: PAUL YOUNG, CPA, CGA
SEPTEMBER 5, 2017
2. PAUL YOUNG - BIO
• CPA, CGA
• Academia (PF1, FA4 and MS2)
• SME – Risk Management
• SME – Close, Consolidate and Reporting
• SME – Public Policy
• SME – Emerging Technology
• SME – Financial Solutions
• SME – Supply Chain Management
Contact information:
Paul_Young_CGA@Hotmail.com
4. INDIA ECONOMY
According to CIA Fackbook sector wise
Indian GDP composition in 2014 are
as follows : Agriculture (17.9%),
Industry (24.2%) andproduct. India
accounts for 7.68 percent of total
Services (57.9%). Total production of
agriculture sector is $366.92 billion.
India is 2nd larger producer of
agriculture global agricultural output.
GDP of Industry sector is $495.62
billion and world rank is 12. In
Services sector, India world rank is 11
and GDP is $1185.79 billion.
Contribution of Agriculture sector in
Indian economy is much higher than
world's average (6.1%). Contribution of
Industry and Services sector is lower
than world's average 30.5% for
Industry sector and 63.5% for Services
sector.
6. ISSUES FACING INDIA
• Anti-corruption efforts
• Liberalizing foreign direct investment (FDI) across-the-board
• Vigorously pursuing efforts to ease the cost of doing business
• Restoring stability and predictability in tax decisions, reflected in the settlement of the Minimum Alternate Tax (MAT) imposed on
foreign companies, and increasing substantially the limits beyond which the tax department will file appeals;
• Implementing a major public investment program to strengthen the country’s infrastructure and make up for the deficiency of
private investment;
• Instituting a major crop insurance program to cushion farmers against adversity;
• Limiting farm interventions which had a first-order effect in moderating overall inflation;
• Elevating to mission mode the financial inclusion agenda via the Jan Dhan Yojana by creating bank accounts for over 200 million
people within months. Financial inclusion will also be furthered by the licensing of 11 payments banks and 10 small banks;
• Advancing the game-changing JAM (Jan Dhan Aadhaar Mobile) agenda. LPG witnessed the world’s largest direct benefit transfer
program, with about 151 million beneficiaries receiving a total of R29,000 crore in their bank accounts. The infrastructure is being
created for
extending the JAM agenda to other government programs and subsidies;
• Attempting to change social norms in a number of areas: open defecation, and voluntarism in giving up subsidies.