Washington: India is rapidly becoming a platform for global manufacturing, innovation, and exports, Finance Minister Nirmala Sitharaman said on Wednesday, while inviting Canadian capital to serve both India and world markets.
Addressing a high-level Business Roundtable in Toronto, Sitharaman highlighted that reforms, digitalisation, infrastructure investment and targeted policy support were steadily strengthening the environment for long-term investment in India.
“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,” she said.
The minister invited Canadian businesses and investors to look at India not simply as an investment destination, but as a partner and platform for global growth – and to build long-term operations and partnerships that serve India and wider global markets.
The Finance Minister highlighted opportunities for Canadian companies in financial services and the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), which can serve as a platform for India and regional strategies.
Stressing that India’s reform-led transformation and strong growth trajectory have opened opportunities to build a more resilient, investment-led India–Canada economic partnership.
As India advances towards Viksit Bharat 2047, she called for deeper economic integration, combining Canadian capital, technology and expertise with India’s scale, talent and industrial capabilities.
She also underlined the potential of India’s Digital Public Infrastructure (DPI) as an avenue for technology, innovation and next-generation services.
The finance minister also emphasised the strong complementarity between India and Canada in clean-energy and critical-mineral value chains, particularly as both countries work towards more resilient and diversified global supply chains.
With bilateral trade in goods and services at around USD 24 billion in 2024 and an ambition to take two-way trade towards USD 70 billion annually by 2030, she emphasised that the opportunity extends well beyond trade.
Canada’s capital, technology, innovation and natural resources can complement India’s scale, talent, manufacturing capabilities and rapidly expanding market, the minister said.
The roundtable was organised by the Consulate General of India, Toronto, in association with Canada-India Business Council and CII, bringing together business leaders from clean technology, critical minerals, rare earths, energy storage, sustainable infrastructure, agriculture, food processing, automotive, textiles, cybersecurity, biotechnology, AI, asset management, higher education and skills development.
Sitharaman also had separate meetings with Payments Canada president and CEO Susan Hawkins and Wayne Lee, Managing Director and Head, International Banking, CIBC Bank.
During the meeting with Lee, Sitharaman highlighted India’s reform-led transformation over the past decade, with stronger institutions, a resilient financial sector and Digital Public Infrastructure supporting the country’s next phase of growth under the vision of Viksit Bharat.
She welcomed greater dialogue with CIBC and encouraged the institution to explore opportunities to establish a presence in India and participate in the country’s expanding financial and economic ecosystem, the finance ministry said in a post on X.
With India continuing to reform, perform and transform, Sitharaman emphasised that there is considerable scope for Canadian financial institutions to be part of India’s growth journey and its next generation of economic opportunities.
During the bilateral meeting with Hawkins, she pointed out that India’s globally recognised digital payments ecosystem – a resilient banking system that is complemented by Digital Public Infrastructure and UPI, enabling secure, scalable and inclusive financial services at unprecedented scale.
The Finance Minister suggested GIFT-IFSC as an emerging gateway for international financial services and fintech, offering further avenues for India–Canada collaboration, another post on X said.
