6 days ago
Sitharaman Pitches India as Global Growth and Production Hub
India’s finance minister spoke to Canadian business leaders in Toronto.
She said India is becoming a place where companies can make products, create new technology and provide services.
She invited Canadian companies to invest and build lasting partnerships in India.
She said India’s digital systems, roads and other infrastructure are helping businesses.
She also pointed to opportunities in banking, clean energy and minerals.
India and Canada traded about USD 24 billion worth of goods and services in 2024.
The two countries hope to increase yearly trade to USD 70 billion by 2030.
She also encouraged Canadian banks and financial companies to work more closely with India.
Finance Minister Nirmala Sitharaman invited Canadian businesses to build long-term operations and partnerships in India.
She said reforms, digitalisation, infrastructure investment and policy support are improving India’s investment environment.
Sitharaman highlighted opportunities in financial services, digital infrastructure, clean energy and critical minerals.
India-Canada trade in goods and services was around USD 24 billion in 2024, with a USD 70 billion annual target by 2030.
She urged CIBC and other Canadian financial institutions to explore expanding their presence in India.
- Who
- Finance Minister Nirmala Sitharaman, Canadian businesses and investors, and representatives of Payments Canada and CIBC Bank.
- What
- Sitharaman promoted India as a platform for global production, innovation, services and exports and invited greater Canadian investment and economic cooperation.
- Where
- A high-level Business Roundtable in Toronto, with the report carrying a Washington dateline.
- When
- Wednesday, August 27, according to the report; the year is not specified.
- Why
- To encourage long-term Canadian investment and deepen India-Canada cooperation in trade, finance, technology, clean energy and critical minerals.
Key facts
- India-Canada trade
- Goods and services trade was around USD 24 billion in 2024.
- Trade ambition
- The two countries aim to take two-way trade toward USD 70 billion annually by 2030.
- Investment message
- Sitharaman asked Canadian businesses to view India as a partner and platform for global growth, not only as an investment destination.
- Priority sectors
- Financial services, digital infrastructure, clean energy, critical minerals, manufacturing, technology and sustainable infrastructure were highlighted.
- Financial gateway
- The Gujarat International Finance Tec-City International Financial Services Centre, or GIFT IFSC, was presented as a platform for international financial services and fintech.
- Digital systems
- Sitharaman highlighted India’s Digital Public Infrastructure and Unified Payments Interface as supporting secure, scalable and inclusive financial services.
- Business meeting
- The roundtable was organised by the Consulate General of India in Toronto with the Canada-India Business Council and Confederation of Indian Industry.
Quotes
Nirmala Sitharaman
India’s Finance Minister
“India is increasingly not only a major growth market, but a platform for global production, innovation, services and exports. Reforms, digitalisation, infrastructure investment and targeted policy support are steadily strengthening the environment for long-term investment.”
thehansindia.com
theprint.in
Sources
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