India sees scope for deeper economic partnership with Canada, says Piyush Goyal
Image source: IANS
Union Commerce and Industry Minister Piyush Goyal said India is ready to expand economic collaboration with Canada in critical minerals, clean energy, emerging tech and supply-chain diversification. Speaking at the Indo-Canadian Business Chamber, he stressed that both countries remain natural partners with shared democratic values and aligned development priorities.
Goyal highlighted that India offers major advantages in sectors tied to AI, quantum computing, machine learning, data centres, and advanced digital infrastructure. With the world’s largest pool of STEM graduates produced annually, he said India is positioned to support global innovation demands while building long-term technology partnerships.
CEPA talks and trade growth outlook
Referring to the meeting between Prime Minister Narendra Modi and Canadian PM Mark Carney during the G20 summit in Johannesburg, Goyal noted that both leaders agreed to begin negotiations on a Comprehensive Economic Partnership Agreement (CEPA) and work toward doubling bilateral trade by 2030. He said CEPA would strengthen investor confidence and offer a stable framework for business expansion in both nations.
Energy, investment and supply-chain focus
Goyal underlined that India’s 500 GW national power grid, including 250 GW of clean energy, provides resilience for AI-driven industries. The government aims to double clean capacity to 500 GW by 2030, positioning India as a reliable and affordable clean-energy partner.
He also acknowledged the rising participation of Canadian pension funds in India and growing interest from Canadian companies expanding operations in the country.
Economic momentum and future roadmap
Stating that India has moved from the “Fragile Five” to the world’s top five economies, Goyal said the country is expected to become the world’s third-largest economy within the next 2–2.5 years. He pointed to low inflation, strong banking systems, high forex reserves, expanding infrastructure and a capital market that has grown four-and-a-half times in 11 years.
Goyal outlined a five-point approach to deepen ties — converting dialogue into delivery, revitalising the CEO Forum, pushing innovation collaborations, expanding participation in India’s AI initiatives, and identifying focus sectors such as critical minerals, aerospace, defence, manufacturing and clean energy.
He invited Canadian businesses to participate in India’s journey toward becoming a developed nation by 2047, calling India a stable and opportunity-rich destination for long-term investment.
Final Thoughts from TheTrendingPeople.com
India’s renewed push for deeper economic ties with Canada signals a strategic shift toward technology-driven growth, clean energy expansion and secure mineral supply chains. As both countries navigate global market uncertainty, the partnership appears poised to evolve through innovation, investment and long-term industrial collaboration. With CEPA talks back on track and business engagement rising, the next phase of India–Canada relations could redefine trade flows, research cooperation and economic resilience across key sectors.