Indian Economy News

India sees major collaboration potential with Canada in critical minerals, clean energy and emerging technologies: Union Minister of Commerce and Industry, Mr. Piyush Goyal

India has highlighted strong collaboration potential with Canada across critical minerals, clean energy, nuclear energy, mineral processing technologies, and emerging technologies such as artificial intelligence (AI), quantum computing, and next-generation data centres. Addressing the Indo-Canadian Business Chamber in New Delhi, Union Minister of Commerce and Industry, Mr. Piyush Goyal, noted that both countries are natural partners with complementary strengths, supported by shared democratic values and a stable bilateral relationship. He recalled the recent meeting between Prime Minister Mr. Narendra Modi and Canadian Prime Minister Mr. Mark Carney during the G20 Summit, where both leaders agreed to fast-track negotiations for a high-ambition Comprehensive Economic Partnership Agreement and double bilateral trade by 2030.

Union Minister of Commerce and Industry, Mr. Piyush Goyal, emphasised that India’s strong economic fundamentals, including low inflation, high foreign exchange reserves, a resilient banking system, and robust infrastructure development, are driving the country towards becoming the world’s third-largest economy within the next two to two-and-a-half years. He highlighted the four-and-a-half-fold rise in India’s stock market over the last eleven years, reflecting investor confidence, and acknowledged the growing participation of Canadian pension funds and companies in India. He proposed a five-pronged approach to strengthen ties further, calling for deeper business-to-business engagement, collaborative innovation, and sector-specific partnerships in areas such as aerospace, defence, clean energy, and manufacturing under the Make in India programme. He invited Canadian businesses to participate in India’s journey towards becoming a developed nation by 2047.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.