India sees significant opportunities for deeper collaboration with Canada across critical minerals, mineral processing technologies, clean energy, nuclear energy and supply-chain diversification, Commerce and Industry Minister Piyush Goyal said while addressing the Indo-Canadian Business Chamber in New Delhi on Monday. He added that India also offers strong advantages in emerging technologies such as artificial intelligence, quantum computing, machine learning and next-generation data centres, backed by the world’s largest annual pool of STEM graduates.
Goyal noted that India and Canada are natural partners whose complementary strengths provide substantial opportunities for businesses and investors. He said the bilateral relationship remains strong and stable, supported by shared democratic values and growing engagement in trade, investment and new-age sectors.
The minister highlighted the recent meeting between Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney during the G20 Summit, where both leaders agreed to begin negotiations for a high-ambition Comprehensive Economic Partnership Agreement (CEPA) and committed to doubling bilateral trade by 2030. He said the CEPA will boost investor confidence and create a structured, mutually respectful framework to address bilateral issues.
Goyal underscored the strength of India’s clean energy ecosystem, noting that the country’s 500 GW national grid—including 250 GW of clean energy—offers the stability needed for AI-driven infrastructure. India plans to double its clean energy capacity to 500 GW by 2030, positioning it as a reliable and sustainable global partner capable of supplying 24-hour clean power at competitive rates.
He also pointed to the positive outcomes of the seventh Ministerial Dialogue held earlier this month with Canada’s Minister of International Trade, where both countries agreed to reinvigorate business-to-business partnerships and explore bilateral business delegations. Goyal welcomed the steady inflow of Canadian investment, especially through pension funds, and noted rising interest among Canadian firms in expanding operations in India.
Emphasising India’s economic resilience, Goyal said the country has moved from the “Fragile Five” to becoming one of the world’s top five economies, with expectations of becoming the third-largest in the next two to two-and-a-half years. He highlighted low inflation, a strong banking system, high forex reserves, rapid infrastructure expansion and a robust capital market—pointing out that India’s stock market has grown over fourfold in the past 11 years.
Goyal said India’s development model is built on macroeconomic stability, inclusive growth and welfare initiatives ensuring participation from all citizens. He added that India’s young, skilled and aspirational population will continue to power its economic momentum for decades.
To strengthen India–Canada ties, Goyal outlined a five-pronged strategy focusing on converting dialogue into action, developing sectoral roadmaps, revitalising the CEO Forum, encouraging joint innovation and targeting collaboration in key areas such as critical minerals, clean energy, aerospace, defence and manufacturing under Make in India.
Inviting Canadian businesses to partner with India’s vision of becoming a developed nation by 2047, Goyal said India offers a stable, transparent and opportunity-rich environment for long-term collaboration. He expressed confidence that the India–Canada partnership will continue to grow in the years ahead.