New Delhi: India sees “considerable scope” for collaboration with Canada in critical minerals, mineral processing technologies, clean energy, nuclear energy, and supply-chain diversification, commerce and industry minister Piyush Goyal said on Monday, while addressing the Indo-Canadian Business Chamber in New Delhi.
India offers strong advantages in frontier technologies — AI, quantum computing, machine learning and next-generation data centres — supported by the world’s largest annual pool of STEM graduates, he added.
Goyal described India and Canada as “natural allies”, whose complementary strengths create significant opportunities for businesses and investors across trade and emerging sectors. He reiterated that the India-Canada partnership continues to be grounded in mutual trust, democratic values and shared development goals, with engagement remaining “strong and stable” despite global uncertainties.
Comprehensive Agreement
Referring to the recent meeting between Prime Minister Narendra Modi and his Canadian counterpart Mark Carney during the G20 Summit, Goyal said both leaders agreed to initiate negotiations for a “high-ambition” Comprehensive Economic Partnership Agreement (CEPA) and committed to doubling bilateral trade by 2030. He added that the planned CEPA would reinforce investor confidence and establish a robust framework for addressing commercial issues based on mutual respect.
Highlighting India’s infrastructure readiness for digital and AI-led growth, the minister noted that the national power grid of 500 GW, including 250 GW of clean energy, offers the resilience required for AI-driven systems. India’s ambition to double clean energy capacity to 500 GW by 2030 positions it as a “trusted and sustainable partner”, and among the few democracies capable of delivering 24-hour clean power at globally competitive rates, he said.
Goyal also pointed to strong investor interest from Canada, especially pension funds, and said both sides at the seventh Ministerial Dialogue earlier this month agreed to reinvigorate business-to-business engagement and encourage two-way business delegations.
Strong Macro Fundamentals
Goyal underlined India’s strong macroeconomic fundamentals, saying the country has moved from the ‘Fragile Five’ to the world’s top five economies and is on track to become the third-largest economy in the next 2-2.5 years. Low inflation, a strong banking system, high foreign exchange reserves, rapid infrastructure expansion and a vibrant capital market have been driving economic momentum, he said, adding that India’s stock market has grown nearly 4.5× over the last 11 years.
Offering a roadmap to strengthen India-Canada relations, Goyal proposed a five-pronged strategy focusing on converting dialogue into delivery, revitalizing the CEO Forum, accelerating joint innovation, generating sector-specific outcomes, and identifying collaboration in critical minerals, clean energy, aerospace, defence and manufacturing under ‘Make in India’.
He urged Canadian companies to take part in India’s upcoming AI Summit and leverage the $12-billion R&D fund recently announced by the government.
Inviting Canadian businesses to join India’s journey to become a developed nation by 2047, Goyal said the country offers a stable, transparent and opportunity-rich ecosystem for long-term investments. He expressed confidence that the India-Canada partnership will continue to grow stronger in the coming years, unlocking new opportunities across technology, sustainability and trade.