India Eyes Stronger Economic Ties With Canada, Says Piyush Goyal

Shri Goyal emphasised that India–Canada relations continue to be rooted in mutual trust, democratic principles and a shared vision of sustainable development.

India is poised to deepen its strategic and economic collaboration with Canada across a wide spectrum of high-growth sectors, Union Minister of Commerce and Industry Shri Piyush Goyal said while addressing the Indo-Canadian Business Chamber in New Delhi. His remarks underscored India’s readiness to expand partnerships in critical minerals, clean energy, emerging technologies, supply-chain resilience and nuclear energy, areas where both countries possess complementary strengths.

Strengthening a Partnership Built on Shared Values

Shri Goyal emphasised that India–Canada relations continue to be rooted in mutual trust, democratic principles and a shared vision of sustainable development. Despite global uncertainties, he noted that the bilateral relationship remains “strong, stable and forward-looking,” with trade and investment engagements expanding steadily.

He highlighted that India sees significant potential in working with Canada, particularly in sectors where both nations can pool their expertise—critical minerals essential for clean energy transitions, advanced mineral processing, and robust supply-chain diversification efforts.

Expanding High-Tech Cooperation

India, he said, has emerged as a global powerhouse in artificial intelligence (AI), machine learning (ML), quantum computing and next-generation data centres, enabled by the world’s largest annual pool of STEM graduates. These strengths, he added, create immense opportunities for Canadian businesses seeking innovation-driven partnerships.

Shri Goyal pointed to India’s advanced digital infrastructure, rapid technology adoption and strong cybersecurity frameworks as enablers of next-generation collaborations between Indian and Canadian enterprises.

CEPA Negotiations and a Vision to Double Trade by 2030

Referring to the recent meeting between Prime Minister Shri Narendra Modi and Canadian Prime Minister Mr. Mark Carney during the G20 Summit, Shri Goyal highlighted a mutual commitment to accelerate negotiations for a high-ambition Comprehensive Economic Partnership Agreement (CEPA). Both leaders have agreed to the goal of doubling bilateral trade by 2030, signalling renewed confidence in the long-term economic partnership.

He noted that CEPA would serve as a robust mechanism to address trade barriers, boost investor confidence and expand market access for businesses in both countries.

Clean Energy and India’s Expanding Power Capacity

The Minister highlighted India’s transformative progress in the energy sector. With a 500 GW national power grid, including 250 GW of clean energy capacity, India already possesses the resilience needed to support AI-driven industries and advanced computational infrastructure.

Looking ahead, India aims to double its clean energy output to 500 GW by 2030, positioning itself as one of the world’s most reliable suppliers of sustainable, affordable, 24/7 clean energy. Shri Goyal stressed that this makes India an attractive destination for Canadian firms pursuing environmentally responsible operations.

Strengthening Business-to-Business Engagement

Shri Goyal recalled the outcomes of the seventh Ministerial Dialogue on Trade and Investment held earlier this month with Canada’s Minister of International Trade. Both sides reaffirmed their commitment to reinvigorate business engagement, promote two-way business delegations and unlock fresh trade opportunities.

He acknowledged the “steady and substantial” flow of Canadian investments into India, particularly through long-term pension funds, which remain confident in India’s economic trajectory. Several Canadian companies, he noted, are expanding operations in sectors such as renewable energy, financial services, technology and urban infrastructure.

India’s Strong Economic Fundamentals

Shri Goyal highlighted India’s remarkable economic progress, noting its journey from being labelled among the “Fragile Five” a decade ago to becoming one of the world’s top five economies today. India is now widely expected to emerge as the world’s third-largest economy within the next 2–2.5 years, backed by:

• Low and stable inflation

• A robust and well-capitalised banking sector

• High foreign exchange reserves

• Massive infrastructure investment

• A thriving capital market

India’s stock market, he noted, has expanded nearly 4.5 times in the past 11 years, reflecting strong investor confidence.

He added that India’s economic model is built on macroeconomic stability, inclusive growth, sustainable development, and welfare programmes that ensure all 140 crore citizens are active participants in the nation’s progress.

A Five-Pronged Blueprint for India–Canada Collaboration

To harness the full potential of the partnership, Shri Goyal proposed a five-pronged strategy:

1. Transform dialogue into delivery through actionable goals and sector-specific plans.

2. Revitalise the CEO Forum to strengthen private-sector collaboration.

3. Encourage Canadian participation at India’s upcoming AI Summit to deepen technological ties.

4. Promote joint innovation, backed by India’s strong IPR regime, rich datasets and the newly announced USD 12 billion R&D fund.

5. Identify high-impact areas for partnership, such as critical minerals, aerospace, defence production and manufacturing under the Make in India initiative.

He stressed that Canadian innovation, paired with Indian manufacturing capability and scale, could unlock unprecedented economic opportunities.

A Call for Long-Term Partnership

Shri Goyal invited Canadian businesses to take part in India’s ambitious journey to becoming a developed nation by 2047, describing India as a “stable, transparent and opportunity-rich destination” for investments. He expressed confidence that the India–Canada partnership will continue to grow stronger, more strategic and mutually beneficial in the years ahead.