newsletter july 2015 05 07 15
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ICCC Newsletter July 2015TRANSCRIPT
July 2015
ICCC Newsletter
Indo-Canada Chamber of Commerce 924 The East Mall, Etobicoke ON M9B 6K1
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ICCC Newsletter May 2015
From the President's desk
Welcome to the glorious Canadian summer. The summer months give us all a respite from the long and often dreary winter that seemingly never end. Summer is the time when we all take a break, relax, unwind and enjoy some quality time with family and friends. I’m looking forward to ICCC’s classic golf tourney that is
scheduled for 23 July, 2015. You will see the details of the program in this newsletter. Over the years, the golf event has become a great meeting place for our stakeholders to take their business outdoors. I am sure that tradition will continue this year as well. I want to put on record my sincere gratitude to the Golf committee comprising Anil Shah, Pradeep Sood and Vikram Dua for working together to organize this spectacular tournament. Let me also emphasize that while summer is, indeed, time for a bit of relaxation, I and my new team of board members are going to find ourselves rather busy during the next couple of months. We have already allocated the portfolios for the new team; see the announcement following my message. Among the items on the agenda that we will be actively working on include:
Revitalizing ICCC committees
Strategizing with stakeholders to redefine ICCC’s core objectives
Planning process for the year It is my belief that as a Chamber we need to focus more on creating opportunities for our stakeholders. This means providing linkages to small entrepreneurs and professionals to be able to grow. It will be my endeavor to achieve this objective in a more focused manner. I invite you to share your ideas with me. Write to me at [email protected] and help me give shape to a dream that we share – of turning ICCC into a robust business organization.
Sanjay Makkar
Sanjay Makkar
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Meet your new board
Sanjay Makkar, President
Jagdish Bajaj, Vice President- Program & Events
Pathik Baxi, Vice President-Corporate Secretary, Legal Affairs
Ginni Sethi, Vice President- Membership and Women Entrepreneurs & Professionals
(WEP) Committee
Arun Srivastava, Vice President- Finance and Sponsorship
Abu Bakar Noohujohn, Director-Membership
Ajay Tandon, Director-Affinity Program & Events
Kanwar Dhanjal, Director- Trade and SME
Pappur Shankar, Director-Energy & Mining
Article
RBI Makes Third Interest Rate Cut; Further Cuts Not Anticipated in near Term
By: Excel Investment Counsel Inc.
The Reserve Bank of India (RBI) cut
interest rates by 25 basis points on July
1, the third cut for the year so far.
Interest rates were previously cut on
January 15th and March 4th in an
ongoing push to spur investment and
growth in the Indian economy.
In announcing the rate cut, RBI
Governor Raghuram Rajan indicated
that he will delay further rate cuts until
an assessment of the monsoon season is
completed, disappointing some
investors who anticipated further cuts in
the near term.
As a result, Indian equities declined and
bonds fell slightly on concerns that the
reduction in interest rates would not be
enough to offset the impact of deficient
rainfall on economic growth.
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Incidentally, rainfall was less than
predicted in April, which may “lead to
an increase in prices of everything from
rice to vegetables,” causing an increase
in inflation, as “food costs account for
almost 50 percent of the consumer price
index,” says David Kunselman, Senior
Portfolio Manager with Excel
Investment Counsel Inc.
Kunselman adds: “The tone of the
central bank has cast doubts on the
possibility of further rate cuts in the
short term until rainfall improves.
Incidentally, the market has been
concerned about rainfall every year the
monsoon begins but these concerns
dissipate during the summer months
when the focus is less on rainfall. For
now, the market is not anticipating a
rate cut in August but we could see
another cut possibly at the end of
September or December once rainfall
improves.”
For more articles from Excel Funds please go
to: http://www.excelfunds.com/index.php/insights
Economic trends
Ontario’s manufacturing and exports in decline
According to a report released by the Centre for the Study of Living Standards, Ontario’s
manufacturing-led economy is undergoing a major metamorphosis that has led to a
sharp decline in its exports and reduction in its market share in the United States.
The Ottawa-based centre concludes that Ontario also faces tremendous pressure to
maintain its productivity. During the 12-year period of 2000 to 2012, productivity grew
by a mere 0.5 percent annually. This compares extremely unfavourably to the preceding
period of 1987 to 2000, when productivity grew by 2 percent annually.
Emphasizing the strong and direct linkage between Ontario and Canada, the report
notes, “the province’s weak productivity growth has largely been responsible for
Canada’s overall poor productivity performance.”
It explains that the primary reason for this phenomenon is weak demand for what
Ontario produces, with the problem concentrated in the manufacturing and financial
services. Labour productivity in manufacturing fell to an average of 2.8 per cent a year
between 2000 and 2012, down from 3.6 per cent a year between 1987 and 2000.
The report identifies the following three as the main causes for lower productivity:
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Slower export sales and lost market share in the United States to China, Mexico
and South Korea
Recession in the United States
Rising value of the Canadian dollar in the early 2000s
No recession says Oliver, but rate cuts expected
Federal Finance Minister Hon. Joe Oliver emphasized early July that the Canadian
economy was not in recession. Statistics Canada released new data in late June that
indicated that GDP had contracted in each of the four months of the year (Jan-Apr).
Technically, economists declare a recession when an economy registers negative growth
for two consecutive quarters. The data for the second quarter (Apr-Jun) is not yet
available. The federal budget had estimated that the economy would grow at the rate of
at least 2 per cent in 2015-16. However, the numbers compiled by Statistics Canada
show that the economy in fact shrank by 0.1 per cent. Economists are of the view that
this slowdown will result in Bank of Canada implementing interest rate cuts probably as
soon as in July.
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June 2015 ACTIVITIES
June 05, 2015
Annual Awards & Gala Night 2015
2015 Award Winners with ICCC's board of directors
John Tory, Mayor City of Toronto was the Chief Guest at the 24th Annual Awards & Gala Night on Saturday June 06 at the Metro Toronto Convention Centre in downtown Toronto.
Mayor John Tory said that he is working to manifold the relations with India and appreciated the recent visit of Prime
Minister Modi to strengthen the bilateral relations.
He applauded the chamber’s contribution in promoting the bilateral trade and commercial relations and shown his willingness to cooperate with India for developing smart cities.
Mr. Asim Ghosh, President & CEO of Husky Energy was the keynote speaker for the evening. While accepting the Corporate executive Award of the year from Dharma P Jain,
Mr. Asim Ghosh
Mayor John Tory
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ICCC’s President, he said that India is a hot market . . . a seductive place for people who think they can make a quick return from a pool of 1.2 billion consumers. While many other countries are at a similar level of development, India has a resource of intellectual and managerial capital still to be tapped, Ghosh said.
The Annual Gala and Awards Night is a marquee event where ICCC promotes trade and commerce between India and Canada and recognize the achievements of Indo-Canadians from all across Canada by way of an award presentation. Indo-Canada Chamber of Commerce’s Advisory Board independently chooses the award recipients. In 2015, MNP, LLP was tasked with conducting due diligence of the nominations received.
The 2015 award recipients included a spectacular mix of community stalwarts, entrepreneurs, professionals, academics, and young achievers. The evening, replete with entertainment skits and speeches from VIPs, was attended by over 800 guests comprising the who’s who of the Indo-Canadian society.
The 2015 recipients of ICCC’s Annual Awards & Gala Night include:
Category Award Winner Sponsor
Female Entrepreneur Nisha Amin CIBC
Male Entrepreneur Prashant Pathak CIBC
Female Professional Neeru Gupta Excel Funds
Male Professional Manjul Bhargava Collins Barrow LLP
Young Achiever Hargurdeep Singh & Avish Sood
Courtyard by Marriott
Technology Achievement Rajiv Manucha TD Bank
Corporate Executive Asim Ghosh ICICI Bank
Humanitarian Jag Parmar Bromed Pharmaceuticals Inc.
Lifetime/Outstanding Achievement Venkatesh Mannar State Bank of India (Canada)
Member of the Year Avinash Mehra Air Canada
President's Award Frank Scarpitti Johnnie Walker
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June 10, 2015
Reception in Honour of H.E. Vishnu Prakash, High Commissioner of India to Canada
Indian Diaspora is the real ambassadors of India who are working hard to brand India in Canada said High Commissioner Vishnu Prakash while speaking at a dinner reception hosted by Indo Canada Chamber of Commerce on June 10, 2015.
He added that ICCC has played an important role in forging relations between India and
Canada for nearly four decades. Indian Prime Minister Modi’s visit to Canada this year added new depth to relationship which has the potential for a strong economic partnership. Canada’s rich natural resources and sophisticated technological and educational base give us great promise to deepen our engagement. Canada can be a true partner in India’s infrastructure development, food security, energy security, science & technology, higher education and clean energy.
June 18, 2015
Drake’s INTELLIGENT HELP – Your One-Stop-Shop for HR Solutions
The Indo-Canada Chamber of Commerce organized an interactive session introducing Drake’s INTELLIGENT HELP HR Portal – Your One-Stop-Shop for HR Solutions on 18-June 2015 at the ICCC headquarters.
Ms. Maysa Hawwash, National Manager for INTELLIGENT HELP at Drake International, was the guest speaker.
From L to R: Sanjay Makkar, Dharma P Jain, Maysa Hawwash, Brij K Sharma
& Annie Singh
Sitting From L to R: Ginni Sethi, Asha Seth, Dipika Damerla, Rajni Tekriwal, Amrit Mangat Standing From L to R: Jagdish Bajaj, Hardesh Marwaha, Tony
Chawla, Dharma P Jain, H.E. Vishnu Prakash, Brij K Sharma & Sanjay Makkar
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She highlighted the importance of Human Capital as the biggest value driver for organizations. She also threw light on the key HR issues faced by SMEs and how the inability to manage these people issues causes a huge adverse impact on the organizations and their bottom line.
The event was marked by the introduction of the innovative Drake INTELLIGENT HELP portal that leverages Drake’s 60+ years of Talent management experience and modern technology, to help SMEs find answers to their specific people challenges in a cost-effective and efficient manner. The audience experienced a LIVE DEMONSTRATION of the INTELLIGENT HELP portal that gives ICCC member’s access to HR services and best practices needed to run their day-to-day business. ICCC members also have access to practical advice on critical people issues through free Drake white papers and webinars.
June 25, 2015
Sanjay Makkar elected as 27th President of ICCC
Sanjay Makkar was elected as 27th President of the Indo-Canada Chamber of Commerce (ICCC) Thursday June 25 at the Chamber’s Annual General Meeting.
Six directors were also elected to the new board of the Chamber. These include one director from the outgoing board – Pathik Baxi, re-elected for a two-year term.
Five new directors elected are:
• Abubakkar Noohujohn • Ajay Tandon • Arun Srivastava • Kanwarjit Dhanjal • Pappur Shankar
Mr. Makkar, along with Jagdish Bajaj and Ginni Sethi are the other elected directors on the board, who were elected last year, and are in the middle of their two-year term. Speaking about his priorities, the new president emphasized that while the board will ensure continuity, it will be geared towards radically changing the orientation of the chamber.
“2015 will be a year of change,” he declared. Mr. Makkar said he would follow a three-pronged approach during his tenure as the Chamber’s President:
Governance & Transparency
Sanjay Makkar
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Robust financials
Broad based, inclusive growth
Mr. Makkar added: “The 2015 will be a year when the chamber’s leadership will work together with stakeholders and members to bring about better governance, make the operation completely transparent, work towards making the financials more robust and make the chamber’s composition more inclusive and broad based.”
June 26, 2015
The 2015 Transformation Awards Gala
Mr. Sanjay Makkar, the newly elected President of Indo Canada Chamber of Commerce attended The 2015 Transformation Awards Gala as a special guest. The gala event brought together business, community, as well as public sector leaders and innovators to discuss issues that affect our diverse communities, proffer solutions to challenges as well and to celebrate leadership, excellence and diversity.
June 27, 2015
Mr. Sanjay Makkar, President, Indo Canada Chamber of Commerce was felicitated by Mr. BV Nagaraj, BV Communication Canada at 11th World Kannada Cultural Convention, 2 day event held at Grand Victorian Convention Centre, Ontario, Canada from June 27 to June 28.
ICCC President Sanjay Makkar was felicitated by Mr. Nagaraju & others
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June 30, 2015
Meeting with Mr. Akhilesh Mishra, CGI
ICCC’s newly elected board led by its
President Mr. Sanjay Makkar met Mr.
Akhilesh Mishra, Consulate General of
India. Mr. Makkar discussed in details his
plans for the coming year and assured the
CGI that “chamber will be second to none in
promoting Canada India business
relations”.
Mr. Mishra emphasized the need to increase
Canada India commercial ties and said that
the reciprocal visits of two Prime Minister
will serve as milestones in strategizing the relations
between the two countries. Mr. Mishra discussed the
opportunities available in the sectors such as IT, energy, power, mining etc. He
expressed a keen desire to engage the big companies along with the small and medium
enterprises for doing business
with India. Collaboration and
cooperation in the education
sector is another area for
mutual understanding with
immense scope.
Mr. Makkar said that at
Chamber “we look forward to
many more interactions
between the Consulate and our
Chamber during your tenure.”
All the new directors were
present at the meeting.
ICCC President Sanjay Makkar with CGI Akhilesh Mishra
From L to R: Arun Srivastva, Abu Bakkar, Sanjay Makkar, Akhilesh Mishra, Kanwar Dhanjal,Pappur Shankar & Ajay Tandon
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UPCOMING EVENTS
23-July-2015 17th ICCC Golf Classic
For details please see www.iccconline.org
ICCC in news
http://suhaag.com/finance/iccc-annual-dinner-gala-celebrates-indo-canadian-a
http://southasiandaily.com/community/sanjay-makkar-elected-as-27th-president-of-iccc/
FOR ADVERTISEMENT IN NEWSLETTER Please contact Mr. Pawan Chankotra at [email protected], or by calling 416-224-0090 BECOME A MEMBER
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Know your Organization
Indo-Canada Chamber of Commerce is a 38-year-old organization with twin objectives of fostering bilateral trade between Canada and India and creating entrepreneurial and professional opportunities for Indo-Canadians. It is run by an elected board with the help of various committees involving member.
To know more about your organization, please visit: www.iccconline.org
SUGGESTIONS Your board is committed to make this esteemed organization member friendly, open, transparent, and truly a business organization working to achieve its mission and vision. Board is considering of: i) Publishing achievements of members in the upcoming issues of ICCC newsletter. Therefore, members are advised to send their achievements such as new position, additional qualification, awards etc. at [email protected]. ii) Publishing articles on different topics involving trade, commerce, tax etc. Interested writers can send their articles (500 words) at [email protected] iii) Starting blogs on Chamber's website. Send your resumes and subjects you wish to write a blog. iv) Constituting a newsletter committee. Those who have flare of writing, designing and passionate about this, send in their resumes at [email protected] Board is there to steer this august body in the direction provided by articles and by-laws and ensuring that interest of various stakeholders is protected. Board invites your suggestions and opinions regarding future events, newsletter content, and ask you to get engaged more and more and participate in Chamber events. You are the true ambassador of Chamber and your board is working for you in. Please feel free in contacting any board member. Please feel free in sending your suggestions and recommendations at: [email protected] or [email protected].
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