Very quickly, Chair, just let me address the committee on the current status of the 2010-11 main estimates.
I would like to begin, however, by providing this committee with an update on Industry Canada's recent initiatives. When I addressed this committee in March, I outlined Budget 2010's focus on three broad goals: first, implementing year two of the economic action plan; second, outlining a plan to return to fiscal balance; third, targeting investments to position Canada for the economy of tomorrow.
I also outlined how my department is moving forward with the implementation of some key initiatives to improve Canada's competitiveness.
As a government, one of the strongest tools we have to stimulate economic growth is, obviously a competitive business environment. Our government has implemented significant tax reductions and tax changes to provide businesses with an environment that really encourages new investment.
As a result of our actions, combined with provincial business tax changes as well, Canada's overall tax rate on new business investment is now the lowest in the G7.
Furthermore, we are reducing business costs by eliminating over 1,500 tariffs on manufacturing inputs and machinery and equipment to position Canada as the first country in the G20 to create a tariff free zone for manufacturing. This means that Canadian manufacturers will be able to import goods for further production in Canada without the burden of tariffs and the cost of complying with certain customs rules such as rules of origin.
To help spur private sector investment, we have also introduced legislation to narrow the definition of taxable Canadian property, which will eliminate the need for tax reporting under section 116 of the Income Tax Act for many investments. As I said before, this will enhance the ability of Canadian businesses to attract foreign venture capital and help our emerging firms access funding and expertise to grow their businesses.
We are continuing to act on a number of other fronts to support Canadian businesses, such as: accelerating trade negotiations; cutting red tape; modernizing our competition and investment laws; further reducing internal trade barriers; working to create a national securities regulator; and, streamlining our immigration system.
But while a good business environment is important, it is critical that our policies also succeed in advancing innovation and driving competitiveness. In this respect, one area that holds particular promise is the digital economy. Information and communications technologies — or ICTs — are as critical to success today as raw materials and transportation were at an earlier time. As I pointed out earlier, Canada can and should be a leader in the digital economy.
In developing our digital economy strategy, we're going to be focusing on enabling our ICT sector, our information and communications technologies sector, to create new products and services, accelerate the adoption of digital technologies, and contribute to increased cyber security.
Pursuing this strategy means fostering a culture of innovation in Canada, supported by all sectors of the economy, and this will happen with the concerted efforts of governments, academia, and business, all working together. Success won't come solely through a particular government program or even a combination of government programs. It must come from a concerted effort, with government setting the right conditions so that individual businesses can be global leaders in their fields.
Furthermore, our government is committed to ensuring that necessary digital infrastructure is available to remote and rural areas with the Broadband Canada: Connecting Rural Canadians program.
Budget 2009 committed $225 million over three years to this initiative, which was formally launched by the Prime Minister in July of last summer.
These fundamentals establish a foundation on which the private sector can promote innovation and economic growth.
I'm proud to announce that we've made significant progress in advancing this broadband program. To date, Industry Canada has received 570 applications requesting close to $1 billion, so there's obviously a lot of excitement about getting access to this program. Also, this week, as we know, my colleagues and I announced that funding for projects to bring broadband connectivity to 168,000 households in 58 communities has been approved. As I mentioned earlier, more will be coming in the weeks ahead.
Broadband brings important economic and social benefits. It opens the door to information, services, and opportunities that would otherwise be out of reach. For unserved and underserved Canadians, particularly those in rural and remote areas, the program represents an important enhancement of service. Given the huge importance of access to high-speed networks, we will continue to play an ongoing role in ensuring that Canadians in rural areas are not left behind.
Canadian talent in science and engineering is one of our most important resources as well. Our university researchers and students are second to none in the world, and our public sector research capacity is among the strongest in the world as well.
Recently I announced a $350 million investment in the Natural Sciences and Engineering Research Council's discovery grants program. These grants support the ongoing work of more than 10,000 researchers based at universities all across the country. In addition, $122 million was announced for scholarships that are being awarded this year through NSERC's postgraduate scholarships and post-doctoral fellowship programs, and through NSERC's share of the Canada graduate scholarships program as well.
But funding scientists and engineers is only half the equation; they also need leading-edge facilities to work in. Budget 2009 committed $2 billion over two years to repair and renew the R-D and training infrastructure of our Canadian universities and colleges.
I am pleased to announce that this program is now fully committed, providing support for 536 projects, with funding agreements in place with all provinces and territories. As of April 2010, 44 projects have already been completed.
Our government has also strongly reinforced the importance of small businesses and entrepreneurship in the Canadian economy. For example, budget 2010 provided $10 million in new funding for the Canadian Youth Business Foundation. This builds on our past record of supporting success. Since 1996, the CYBF has invested in more than 3,500 young entrepreneurs who have created over 16,900 new jobs. This new funding will launch more than 500 businesses over the next 12 months, generating an estimated 2,500 new jobs.
In conclusion, Mr. Chair, I believe these initiatives, taken together, are part of a strong economic package that is successfully supporting Canada's economic recovery. It is a forward-looking package that is creating jobs, stimulating economic growth, boosting productivity, and increasing our global competitiveness.
I appreciate your time this afternoon and look forward to your questions.
Merci. Thank you.