I would say that, overall, things have improved significantly since 2006.
India's fiscal year runs from April 1 to March 30. And the expected growth rate for fiscal year 2012-13 is approximately 6%. Between 2006 and 2011, the country's growth rate was extremely high. And given the growth rate, we can certainly say that the country offers elements conducive to business and economic development.
It is important to understand, however, that India is categorized as an emerging country and not one that has emerged. I would still say that, today, India has no shortage of problems. It still has numerous challenges to overcome. But, on the whole, there is a very clear desire to undertake reforms, especially under the current government, which has been in power since 2004. India's anti-poverty measures are one example. Reforms have also been put in place to open up the economy to foreign investors. The country has made great strides, but it still has a ways to go.
In my view, our export market structure, in Canada, is overly dependent on the U.S. market, and in order for us to keep our standard of living high, foreign trade has to play a vital role. What we really need to do, then, is seek out major partners.
And, as I see it, India has the potential to be a very important partner for Canada. But it will take work. Life is a struggle, and knowing when to take risks is key, especially when signing an agreement of this nature. I believe it provides the framework to promote opportunities, to try to take action in that sense and to better protect our businesses. Building this kind of framework is necessary.