New Delhi : Union Minister of Commerce and Industry, Piyush Goyal, today addressed the Indo-Canadian Business Chamber in New Delhi, underscoring the significant potential for collaboration between India and Canada across critical minerals, mineral processing technologies, clean energy, nuclear energy, and supply-chain diversification. He highlighted India’s advantages in emerging technologies, including artificial intelligence, quantum computing, machine learning, and next-generation data centres, supported by the world’s largest annual pool of STEM graduates.
Shri Goyal described India and Canada as natural allies, noting that their complementary strengths present substantial opportunities for businesses and investors in both countries. He emphasised that the bilateral relationship is grounded in mutual trust, democratic values, and a shared commitment to development, with steadily growing engagement across trade, investment, and emerging sectors.
Referring to the recent G20 Summit meeting between Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney, Shri Goyal highlighted the agreement to commence negotiations for a high-ambition Comprehensive Economic Partnership Agreement (CEPA) and to double bilateral trade by 2030. He stated that CEPA reflects the trust between the two nations, strengthens investor confidence, and provides a robust framework for addressing issues based on mutual respect.
Shri Goyal also noted India’s national power grid capacity of 500 GW, including 250 GW of clean energy, as a key enabler for AI-driven infrastructure. He highlighted India’s goal to double clean energy capacity to 500 GW by 2030, positioning the country as a trusted and sustainable partner capable of providing 24-hour clean energy at globally competitive rates.
During the seventh Ministerial Dialogue with Canada’s Minister of International Trade earlier this month, both sides agreed to reinvigorate business-to-business engagement and explore two-way business delegations. Shri Goyal appreciated Canadian investments into India, particularly via Canadian pension funds, and noted the growing interest of Canadian companies in expanding operations in India.
Shri Goyal also highlighted India’s strong economic fundamentals. He stated that India has progressed from the “Fragile Five” to becoming one of the world’s top five economies and is projected to become the third-largest economy within 2–2.5 years. Key drivers include low inflation, a strong banking system, high foreign exchange reserves, robust infrastructure expansion, and a vibrant capital market. He noted that India’s stock market has grown nearly 4.5 times in the past 11 years, reflecting strong investor confidence.
Emphasising India’s development model, Shri Goyal noted that it rests on macroeconomic stability, inclusive and sustainable growth, and welfare measures ensuring that all 140 crore citizens benefit from the nation’s progress. He added that India’s young, skilled, and aspirational population will continue to sustain strong economic momentum for decades.
Shri Goyal proposed a five-pronged approach to further strengthen India–Canada relations:
-
Convert dialogue into delivery through actionable outcomes, sectoral roadmaps, and measurable progress.
-
Revitalise the CEO Forum to enhance business-to-business partnerships.
-
Encourage Canadian participation in India’s upcoming AI Summit.
-
Promote joint innovation leveraging India’s strong IPR regime, large datasets, and cost-effective innovation environment, supported by the recently announced USD 12 billion R&D fund.
-
Identify focused areas of collaboration, including critical minerals, clean energy, aerospace, defence, and Make in India manufacturing, combining Canadian innovation with Indian capabilities to generate mutual opportunities.
Shri Goyal concluded by inviting Canadian businesses to partner in India’s journey toward a developed nation by 2047, emphasising India’s stable, transparent, and opportunity-rich environment for long-term collaboration. He expressed confidence that the India–Canada partnership will continue to grow stronger in the years ahead.