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India Canada Biz Digest
(Delivering news impacting India-Canada economic relations)
Compiled by the High Commission of India, Ottawa
May 2022
Issue 142
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Prime Minister Narendra Modi participates in the Quad Leaders' Summit in Tokyo
The 2nd in-person QUAD Summit with Prime Minister (PM) of India Narendra Modi, Australian PM Anthony Albanese, US President Joe Biden and Japanese PM Fumio Kishida took place in Tokyo, Japan on 24 May 2022. Prime Minister Modi said in his opening remarks that the group has a constructive agenda for the Indo-Pacific region and is a force for good.
Four-nation grouping Quad agreed to deepen cooperation on infrastructure, critical to driving productivity and prosperity in the Indo-Pacific region, and share a commitment to addressing debt issues, which have been exacerbated by the coronavirus pandemic in many countries.
The Quad leaders also committed to working closely with partners and the region to drive public and private investment to bridge gaps. To achieve this, Quad will seek to extend more than USD 50 billion of infrastructure assistance and investment in the Indo-Pacific, over the next five years.
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Prime Minister Modi inaugurates Semicon India Conference in Bengaluru
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On 29 April 2022, Prime Minister, Narendra Modi inaugurated Semicon India Conference 2022 and shared his remarks via video conferencing at the inaugural session. Union Ministers, leaders of the Semiconductor industry, investors, academics and members of the diplomatic corps were among those present on the occasion.
At the outset, the Prime Minister underlined the critical role of semiconductors in today’s world and said “it is our collective aim to establish India as one of the key partners in global semiconductor supply chains. We want to work in this direction based on the principle of Hi-tech, high quality and high reliability.”
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India – Canada to re-launch the Comprehensive Economic Partnership Agreement (CEPA) negotiations to unlock full potential of bilateral trade
India and Canada held the fifth Ministerial Dialogue on Trade & Investment (MDTI) on 11 March 2022. Minister of Commerce and Industry, Consumer Affairs and Food, and Public Distribution and Textiles, Mr. Piyush Goyal and Ms. Mary Ng, Minister of Small Business, Export Promotion and International Trade, Government of Canada co-chaired the MDTI.
The Ministers agreed to formally re-launch the negotiations for India-Canada Comprehensive Economic Partnership Agreement (CEPA) and also consider an Interim Agreement or Early Progress Trade Agreement (EPTA) that could bring early commercial gains to both the countries. The Ministers highlighted the existing trade complementarities between India and Canada and emphasised that the trade agreement would help in expanding bilateral trade in goods and services through unlocking the potential across sectors. The Interim Agreement would include high level commitments in goods, services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement, and may also cover any other areas mutually agreed upon.
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Finance Minister Ms. Nirmala Sitharaman meets Canada's International Trade Minister Ms. Mary Ng in New Delhi
Finance Minister Ms. Nirmala Sitharaman exchanged views on cooperation for promoting bilateral investment and trade during a meeting with Mary Ng, Canadian Minister of International Trade, Export, Small Business & Economic Development in New Delhi on 11 March 2022.
The Finance Minister also invited Canadian pension funds to invest in the National Monetisation Pipeline and National Infrastructure Pipeline.
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India, Canada discuss expansion of bilateral air service agreement
India and Canada discussed expansion of a bilateral air service agreement that will allow more flights between the two countries. Union Aviation Minister Mr. Jyotiraditya Scindia, who was on a nine-day visit to the US and Canada met with Canada’s Minister of Transport Mr. Omar Alghabra in Ottawa on 04 May 2022.
After the meeting Mr. Alghabra stated on Twitter, “I personally thanked my counterpart for India’s help in repatriating Canadians stuck in India in the beginning of the pandemic”.
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Aviation Minister Mr. Jyotiraditya Scindia holds discussions with
Canada’s key aviation/aerospace companies in Montreal
Union Aviation Minister Mr. Jyotiraditya Scindia visited Canada from 2-4 May 2022. On 02 May 2022, a Business Roundtable with key aviation/aerospace companies was jointly organised by the High Commission of India, Ottawa, Canada-India Business Council (C-IBC) and Representative of India to ICAO at the Bombardier facilities in Montreal. Around 15 companies including Bombardier, Aero Montreal, Airbus Canada, Air Canada, CDPQ Global, Pole Air Aviation, Grintex Technologies, De Havilland Aircraft, CAE, Rolls Royce Canada and Pratt and Whitney attended the Business Roundtable. Mr. Victor Thomas, President, C-IBC moderated the Roundtable. High Commissioner (HC) Ajay Bisaria made opening remarks and introduced the Minister to the gathering. The Minister held company-specific discussions with the participants and spoke about the opportunities available in India, one of the fastest growing civil aviation markets globally. He also invited the Canadian companies to set up their manufacturing units in India and avail benefits from pertinent investment and production-linked schemes in the country.
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Trade Ministers from India and Canada hold discussions to fast-track CEPA negotiations
India-Canada engagements on fast-tracking negotiations on CEPA (Comprehensive Economic Partnership Agreement) and proactively discussing other key bilateral issues in the recent past has been encouraging. Following the 5th India-Canada Annual Ministerial Dialogue on Trade and Investment held in New Delhi on 11 March 2022 and re-launch of Early Progress Trade Agreement (EPTA)/CEPA negotiations, the Trade Ministers from both sides interacted again on 10 May 2022 and discussed key bilateral factors of importance.
Minister Ng “expressed her appreciation for India’s openness to explore diverse trade issues and advance the long-standing economic and investment relationship between Canada and India.
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Minister of State for Commerce & Industry launches Indian Business Portal
On 27 May 2022, Union Minister of State for Commerce & Industry Ms. Anupriya Patel launched the Indian Business Portal - An International Trade Hub for Indian Exporters and Foreign Buyers. FIEO (Federation of Indian Export Organisations) in partnership with GlobalLinker, has designed and developed the “Indian Business Portal”, an International Trade Hub for Indian Exporters and Foreign Buyers. This is a B2B digital marketplace to empower SME exporters, artisans and farmers to identify new markets for their products and grow their sales globally.
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Shining Bright: India’s Largest Floating
Solar Power Plant
India is working on sustainable development under the “One World, One Sun, One Grid” initiative
For more information :
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India-Canada Bilateral Virtual Conference on Renewable Energy - 29 March 2022
High Commission of India in Ottawa in association with Impact Media and Events Corporation (IMEC) organised the 5th Make in India virtual conference on Renewable Energy on 29 March 2022. The objective of the conference was to disseminate knowledge for prospective investors and connect them with Make in India initiative boosting investment initiatives and visibility of opportunities in India in addition to fostering networks with local industry associations and trade chambers.
The event saw excellent representation of government and industry to address bilateral relations and other factors of importance in the India-Canada commercial corridor. High Commissioner Ajay Bisaria made a panel address on the importance of strategic partnership between India and Canada in terms of investment, trade and sectorial opportunities in the Indian renewable energy sector for Canadian investors.
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High Commissioner's engagement with major stakeholders in the
India-Canada commercial corridor
On 01 March 2022, High Commissioner (HC) Ajay Bisaria held a meeting with Mr. Eme Onuoha, Managing Director-Global Public Affairs, CPPIB. They discussed CPPIB's future investment plans in India. On 02 March 2022, HC attended a virtual meeting with Mr. Todd Edwards, Manager, International Regulatory Affairs (new India portfolio) and Ms. Daniela Mauro, Senior Manager International Affairs, Air Canada. Discussed investment opportunities, policy innovation in India, asset monetisation, geopolitical changes, air connectivity and more. On 04 March 2022, HC delivered Opening Remarks for a presentation on Virtual NASSCOM International SME Conclave where announcement of NASSCOM Launchpad in Canada was made. On 09 March 2022, HC attended a virtual meeting between Dept of Agriculture & Farmers Welfare and NPPO, Canada on pulses issues. On 14 March 2022, HC attended a dinner meeting with Mr. Eric Marquis, Assistant Deputy Minister for bilateral relations for the Québec Department of International Relations and Dr. Jean-Philippe Dequen, Head of the India, Central, South and Southeast Asia Desk, Government of Quebec in Quebec City. India-Quebec cooperation across various focus sectors was discussed. On 15 March 2022, HC held a luncheon meeting with Mrs. Nathalie Camden, Associate Deputy Minister for Mines, Ministry of Energy & Natural Resources, Government of Quebec in Quebec City. On 30 March 2022, HC visited Bombardier facilities in Montreal and met Mr. Eric Martel, President and CEO, Bombardier. Discussed sectorial investment opportunities in India, recent tax reforms and Bombardier’s future commercial engagements with India. On 06 April 2022, High Commissioner (HC) had a meeting with Mr. Sarvesh Bhargava, Director, M. Biotech Ltd., Canada. On 08 April 2022, HC had a meeting with Ms Nadira Hamid, CEO, Indo-Canada Business Chamber in Chancery. On 11 April 2022, HC met Mr. Prasad Panda, Minister of Infrastructure of Alberta province. On 12 April 2022, HC and Deputy High Commissioner (DHC) had a meeting with Mr. Tim Gitzel, CEO, Cameco Corporation at HCI, Ottawa. On 12 April 2022, HC and DHC had a meeting with Ms Bronwyn Eyre, Minister of Energy and Resources of Saskatchewan. On 22 April 2022, HC and DHC had a meeting with MBA students and faculty members of Rowe Business School, Dalhousie University, Halifax, at HCI, Ottawa. A presentation on Doing Business in an Emerging India was made for the students. On 25 April 2022, HC and DHC had a meeting with Dr. Harpreet Kochhar, President, Public Health Agency of Canada. On 17 May 2022, High Commissioner (HC) held a virtual meeting with Mr. Rohinton Medhora, President, CIGI (Centre for International Governance Innovation). On 20 May 2022, HC held a meeting with Mr. Surender Gupta, Chairman, Gold Souk Group. The group is operating two Golf Courses (New Brunswick and Niagara region) in Canada and intends to expand their operations in Canada. HC assured the company of Mission’s support, guidance and assistance to expand their footprint in Canada. On 30 May 2022, HC held a luncheon meeting with Mr. Prem Watsa, founder, chairman, & CEO, Fairfax Financial Holdings. On 30 May 2022, HC met with the leadership group of CIBC (Canadian Imperial Bank of Commerce). Discussed India-Canada cooperation in Finance and FinTech sectors.
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India gets market access for exporting banana, baby corn to Canada
Government of India, on 09 April 2022, said that it has got the market access for exporting fresh banana and baby corn to Canada with immediate effect. The move is expected to benefit Indian farmers growing these crops and enhance the country's export earnings.
The negotiations between National Plant Protection Organisations of India and Canada on market access for Indian banana and baby corn resulted in Canadian market access for these commodities, the statement said. Canada informed that export of fresh baby corn from India to Canada may begin from April 2022 after update of directive D-95-28: plant protection import and domestic movement requirements for corn and the automated import reference system.
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The 7th India-Canada Joint Science and Technology Cooperation Committee Meeting
The 7th India-Canada Joint Science and Technology Cooperation Committee (JSTCC) meeting took place on 19 May 2022, in Ottawa. The Joint Committee Meeting was co-chaired by Prof. Srivari Chandrasekhar, Secretary at the Indian Department of Science and Technology (DST and Mr. David Morrison, Deputy Minister of International Trade at Global Affairs Canada.
Dr. Chandrasekhar, Secretary, DST, elaborated on the focus areas of the collaboration between the two countries like the National Missions, quantum computing, AI, cyber-physical systems, and so on. He also pointed out that a large number of Indian students are studying in Canadian Universities and the renewal of the MoUs would help intensify exchange of ideas and expertise between the two countries.
High Commissioner of India to Canada, Ajay Bisaria, and Canadian High Commissioner to India, Cameron MacKay, also participated in the event. Other attendees included representatives from several ministries and research institutions from both countries. The meeting provided an opportunity to articulate a renewed strategic direction for the implementation of the 2005 Agreement for Scientific and Technological Cooperation between India and Canada.
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PM Gati Shakti National Master Plan (NMP)-22 Greenfield Expressways, 23 key infrastructure projects, 35 Multi-Modal Logistics (MMLPs) & other highway projects proposed for improving multi-modal connectivity
For more information :
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Canada's CDPQ eyes infra, energy
transition opportunities in India
Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) is bullish on infrastructure investment opportunities in India and wants to fund the net-zero transition journey of Indian firms.
"We are very bullish on India. There is great potential for investments there. The government is putting a lot of emphasis on—and money into—infrastructure, and it is very focused on increasing the ease of doing business in India. Accordingly, there are a lot of growth opportunities for CDPQ, and we are looking at a range of options," said Kenneth Juster, Senior Adviser, CDPQ Global and a former US ambassador to India.
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Canada's CPPIB announces USD 425 million investment in India's VerSe Innovation
Canada Pension Plan Investment Board (CPP Investments), on 6 April 2022, announced that it has invested USD 425 million in VerSe Innovation Private Limited, one of India’s leading content technology platform companies. Following an initial equity investment of USD 50 million in VerSe Innovation’s previous funding round, CPP Investments acted as a lead investor in the latest round with a further USD 375 million equity investment.
VerSe Innovation has raised USD 805 million from the two most recent funding rounds, with participation from existing and new investors, including Ontario Teachers’ Pension Plan Board (Ontario Teachers’), Luxor Capital, Sumeru Ventures, Sofina Group, Baillie Gifford and others.
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Canada's OTPP commits USD 175 million in KKR’s Indian road platform
Canada-based Ontario Teachers' Pension Plan Board has committed USD 175 million to boost alternative investment company KKR & Co’s road platform in India. US-based KKR’s road platform boasts a portfolio of 12 road assets, including six that are proposed to be acquired pursuant to definitive agreements, as per a statement. The platform includes Highway Concessions One (HC1) and the 7 highway assets KKR had acquired from Global Infrastructure Partners (GIP) last year.
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Canada's OMERS to expand its bets in
India's clean energy space
Canadian pension fund Ontario Municipal Employees’ Retirement System (OMERS) is planning to expand its presence in India’s clean energy space, including wind, solar and hydrogen, said Ms. Annesley Wallace, OMERS Executive VP and Global Head of Infrastructure and Ms. Delphine Voeltzel, Managing Director for Infrastructure. The fund recently picked up a 19.4% stake in Azure Power Global Ltd. It is also looking to invest in transmission projects, and water and sewage treatment plants.
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Ontario Teachers’ Pension Plan Board (OTPP), one of Canada’s largest public-pension managers, is considering opening an office in India as part of its expansion into fast-growing emerging markets, Chief Executive Officer Mr. Jo Taylor told Bloomberg News.
For more information :
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Canada's CPPIB form joint venture
with India's Tata Realty to invest
USD 700 million in commercial space
Canada Pension Plan Investment Board (CPPIB), among the most active alternative investors in India’s real estate sector, and Tata Realty and Infrastructure Ltd have announced a new 50:50 joint venture with equity value of around USD 700 million to develop commercial office space. CPPIB will be making an equity commitment of USD 342 million, the two firms said.
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Canadian financial Sagen to enter India with bet on mortgage guarantee fund India Mortgage Guarantee Corp (IMGC)
Canada’s largest mortgage insurance provider, Sagen MI Canada has made an entry into India by signing a definitive agreement to invest for 31% stake in the India Mortgage Guarantee Corp (IMGC). IMGC will use the fresh capital to expand its business and boost its operational and technological capabilities, the statement said. Sagen has been operating in Canada for more than 27 years.
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Canada’s CPPIB to invest USD 350 million in JV with Bengaluru realty firm RMZ Corp
The Canada Pension Plan Investment Board (CPPIB) will invest around USD 355 million in a joint venture with Bengaluru-based realty firm RMZ Corp to develop and acquire commercial projects across India.
The joint venture formed to construct and manage commercial office space in India's major cities, will be seeded with StarTech – a 1.37 million sq ft office building located in Koramangala, Bangalore
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Canada's Tim Hortons to open its
first store in India this year
Canada's Tim Hortons will open its first location in India this year, with plans to expand to 300 restaurants across the country in the next decade, parent company Restaurant Brands International Inc. (RBI) said.
The India expansion is part of an exclusive agreement with a joint venture entity owned by Apparel Group and Gateway Partners, RBI said. The flagship location will open in New Delhi this year.
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“We continue to remain constructive and look for opportunities in India across sectors. We are encouraged by the environment created to attract FDI. We are interested in the Indian economy whose breadth is encouraging,” said Mr. John Graham, President & CEO, Canada Pension Plan Investment Board (CPPIB).
For more information :
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India's L&T Technology Services to set up an Engineering R&D centre in Quebec, Canada
The City of Brampton is on the verge of a deliberate and significant transformation with a growing innovation and technology sector that is full of opportunities for global businesses. On 5 May 2022, the City signed a memorandum of understanding with the National Association of Software and Services Companies (NASSCOM) of India to establish a Launchpad program in Brampton. Brampton is the only Canadian city to be selected for this program’s expansion.
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Invest Alberta signs an MoU with ICICI Bank to explore global opportunities
Invest Alberta is collaborating with ICICI Bank Canada to facilitate companies from India looking for investment & trade opportunities in Alberta’s welcoming business environment. ICICI Bank Canada is a wholly-owned subsidiary of ICICI Bank Limited, one of the largest banks in India. With headquarters in Mumbai, India, ICICI Bank has offices in 17 locations across the world, with over 5,400 branches and strong global positioning.
Recently, Alberta has seen Indian companies like HCL Technologies, Mphasis, Tata Consultancy Services, Wipro Solutions Canada and Tech Mahindra successfully open operations in Alberta, and it’s no surprise these deals have opened the global gateway for further exciting investment interests.
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Canada's University Health Network (UHN) and All-India Institute of Ayurveda(AIIA) sign an MoU on holistic medicine practices
All-India Institute of Ayurveda (AIIA), New Delhi and Toronto-based University Health Network (UHN) and the signed an MoU on 20 April 2022, in the presence of Prime Minister Modi to explore the benefits of holistic medicine practices like Ayurveda in the Global Aayush summit. The UHN-AIIA partnership is being facilitated by the Canada India Foundation (CIF), which has been spearheading a campaign to raise awareness among Canadians of the potential benefits of Ayurveda.
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India's L&T Technology Services to set up an Engineering R&D centre in Quebec, Canada
L&T Technology Services Limited, a global leading pure-play engineering services company, has garnered a multi-year US$ 100 million plus electric air mobility deal from Jaunt Air Mobility. As part of the contract, LTTS will open an Engineering and R&D Center in Québec Province for the next-gen electric aircraft manufacturer to provide engineering services for the Jaunt Journey eVTOL (electric vertical takeoff and landing) air taxi.
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India-Australia sign trade pact, bilateral trade to reach USD 45 billion in 5 years
On 02 April 2022, India and Australia inked an economic cooperation and trade agreement (ECTA), under which Canberra will provide duty-free access in its market for over 95 per cent tariff lines, including textiles, leather, furniture, jewellery, machinery and select medical devices.
The deal will take around four months to be implemented. This agreement is signed at a time when India is already working with other countries such as the UK, Canada and the European Union to sign a free trade agreement. Australia is the 17th largest trading partner of India and India is Australia’s 9th largest trading partner in the current fiscal. Bilateral trade in goods and services for both the countries is expected to rise from the existing $ 27.5 billion to $ 45 billion in five years.
“Post study work visas will provide extended options for working in Australia to eligible Indian graduates, post graduates and STEM (science, technology, engineering and mathematics) specialists,” said Mr. Piyush Goyal Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles.
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Air Canada to offer most number of
flights between India and Canada
For more information :
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1 million 'Make in India' iPhones shipped
in Q1 2022 as Apple grows 22%
Apple shipped approximately 1 million 'Make-in-India' iPhones in India in the first quarter of 2022, a staggering 50% increase YoY in iPhone shipments from within the nation. iPhone sales in India increased by 22% in the first quarter of 2022, with iPhone 12 and 13 sales leading the way. Apple manufactures some of its most advanced iPhones in the country, including the iPhone 11, iPhone 12, and now iPhone 13, in the Foxconn factory, while the iPhone SE and iPhone 12 are being assembled at the Wistron factory.
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Qualcomm to open its 2nd largest office
outside US in Hyderabad, India
In October 2022, American multinational firm Qualcomm will invest US$ 512.25 million in Hyderabad, India to expand its operations, with plans to open its second largest campus outside of the US. This investment will be made over a five-year period and will result in the employment of about 8,700 software specialists, with an initial staff of 500 IT professionals. The Telangana government is going to work with Qualcomm to improve sectors such as agriculture, smart cities, digital education, and connected gadgets.
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Indian Economy continues to grow !!!
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40% of global real-time digital
payments happened in India in 2021: Prime Minister Modi
For more information :
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Please visit the new business website of the Ministry of External Affairs (MEA)
www.indbiz.gov.in
The website aims to provide critical and relevant information on major economic indicators, central and state government policy updates as well as the latest business news and trade data. It aims to be a one-stop source of business information on India for readers, foreign enterprises and businesses, Indian business houses looking to expand their global footprint and State Governments for choosing their partners abroad for investment, technology cooperation and state/city partnerships and to encourage trade and tourism.
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For latest India monthly economic reports :
Released by Department of Economic Affairs (Ministry of Finance, India)
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Upcoming Business/Trade Events in India
For all the relevant updates and information regarding International Trade Events/Business Seminars in India
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Connect here to Invest in India
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For information regarding
commercial queries
Please Contact:
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com.ottawa@mea.gov.in
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