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India Canada Biz Digest
(Delivering news impacting India-Canada economic relations)
Compiled by the High Commission of India, Ottawa
July 2022
Issue 143
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Prime Minister Modi meets with Prime Minister of Canada Justin Trudeau
On 27 June 2022, Prime Minister Narendra Modi met with the Prime Minister of Canada, Justin Trudeau, on the margins of the G7 Summit in Germany.
The leaders welcomed the growing trade relationship between India and Canada, as well as the longstanding people-to-people ties between the two countries. The Prime Ministers also discussed cooperation on climate change and the environment, the development of renewable energy sources, the global response to the COVID-19 pandemic, and in the free, open, and inclusive Indo-Pacific region. They also discussed opportunities for enhanced cooperation between India and Canada, both bilaterally and at the G20.
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Prime Minister Modi addresses two sessions at the G7 Summit in Germany
Prime Minister Modi visited Germany at the invitation of Chancellor Scholz for the G7 Summit. On 27 June 2022, he addressed two sessions that included discussions on environment, energy, climate, food security, health, gender equality and democracy.
In his remarks at the session on ‘Investing in a better Future: Climate, Energy, Health’ at G7 Summit, PM Modi highlighted India’s track record and said it has achieved the target of 40 per cent energy-capacity from non-fossil sources nine years before time. The scale that India can provide for every new technology can make that technology affordable for the whole world, he asserted. The core theories of the circular economy have been an integral part of Indian culture and lifestyle, PM Modi said.
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Prime Minister Modi participates in 14th BRICS Summit
Prime Minister Narendra Modi led India’s participation at the 14th BRICS Summit, convened under the Chairship of President Xi Jinping of China on 23-24 June 2022, in a virtual format. President Jair Bolsonaro of Brazil, President Vladimir Putin of Russia, and President Cyril Ramaphosa of South Africa also participated in the Summit (23 June). The High-level Dialogue on Global Development, non-BRICS engagement segment of the Summit, was held on 24 June 2022.
On 23 June 2022, the leaders held discussions including in fields of Counter-Terrorism, Trade, Health, Traditional Medicine, Environment, Science, Technology & Innovation, Agriculture, Technical and Vocational Education & Training, and also key issues in the global context, including the reform of the multilateral system, COVID-19 pandemic, global economic recovery, amongst others. Prime Minister Modi called for strengthening of the BRICS Identity and proposed establishment of Online Database for BRICS documents, BRICS Railways Research Network, and strengthening cooperation between MSMEs.
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PM Modi inaugurates and lays foundation stone of various development projects worth more than USD 2.12 billion in Deoghar, India
Prime Minister Modi inaugurated and laid the foundation stone of various developmental projects worth more than Rs 16,800 crores (approx. USD 2.12 billion) in Deoghar on 12 July 2022. Governor Jharkhand Ramesh Bais, Chief Minister Hemant Soren, Union Minister Jyotiraditya Scindia, State ministers and people’s representatives were among those present on the occasion.
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Trade Ministers from India and Canada hold virtual meeting to fast-track
CEPA negotiations
On 7 June 2022, Commerce Minister Piyush Goyal spoke with Canada's International Trade Minister Mary Ng. Both the Ministers noted progress in negotiations on a India-Canada Early Progress Trade Agreement, while the two countries continue to work toward a Comprehensive Economic Partnership Agreement. They discussed the status of negotiations on key issues, including trade in goods and services, and investment protection.
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Minister Piyush Goyal and Minister Mary Ng meet during WTO MC12 in Geneva
On 15 June 2022, Commerce Minister Piyush Goyal held discussion with his Canadian counterpart Minister Mary Ng at the WTO MC12 in Geneva. They discussed modalities of the Early Progress Trade Agreement negotiations. Both the Ministers reaffirmed their commitment to maintain momentum into the next round of negotiations, to take place in the months of July & August, 2022.
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External Affairs Dr. S. Jaishankar held meeting with Canada's Foreign Minister Melanie Joly
On 23 June 2022, the Foreign Ministers of India and Canada held their first in-person meeting, focusing on advancing the bilateral relationship between the two countries, on the sidelines of the Commonwealth Heads of Government Meeting 2022 in Kigali, Rwanda.
In their engaging conversation, India-Canada political and economic engagement as well as cultural and community connections were discussed.
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India has the 3rd largest start-up ecosystem in the world
Indian startups have gone on to raise sizeable ticket sizes
from various global and domestic funds
For more information :
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India- Canada Business Roundtable: Harnessing the
potential of bilateral commercial relationship
High Commission of India in Ottawa, in association with India-Canada Ottawa Business Chamber (ICOBC), organised a business roundtable on 7 July 2022 for the incoming Indian delegation on India-Canada Comprehensive Economic Partnership Agreement (CEPTA)/Early Progress Trade Agreement (EPTA) led by Ms. Rachna Shah, Additional Secretary (NAFTA), Department of Commerce and India's Chief Negotiator. Technical teams from both sides held the third round of negotiations (Part 1) in hybrid mode in Ottawa from 04-08 July, 2022.
The event saw excellent representation of government and industry to address bilateral relations and other factors of importance in the India-Canada commercial corridor. Acting High Commissioner Anshuman Gaur made an address on the importance of strategic partnership between India and Canada in terms of investment, trade and opportunities in the Indian sunrise sectors for Canadian investors. Ms. Shah spoke on India-Canada engagements on fast-tracking negotiations on CEPA and also proactively discussed other key bilateral issues in the recent past. Mr. Jay Allen, Director General, Trade Negotiations and Canada's Chief Negotiator was also present at the business meet. The event opened up to networking dinner after an engaging Q&A session. The roundtable witnessed nearly 100 participants.
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High Commissioner's engagement with major stakeholders in the
India-Canada commercial corridor
On 1 June 2022, High Commissioner (HC) had a telecon with Mr. Blake Hutcheson, CEO of Ontario Municipal Employees Retirement Scheme (OMERS). OMERS' India strategy and invitation to Prime Minister Modi to speak virtually to Investor Leadership Network (ILN), a group of 12 global institutional investors representatives of the G7 countries with over USD 10 trillion in assets under management, were discussed. On 9 June 2022, HC met representatives of Canadian Agri-Trade Food Alliance (CAFTA) in Chancery to discuss India-Canada Agro cooperation. On 14 June 2022, HC attended a virtual Canada-India Business Council's Advisory Council Meeting. On 22 June 2022, HC had a meeting with Hon'ble David Marit, Minister of Agriculture of Saskatchewan in Regina. On 22 June 2022, HC spoke at the India Agriculture Opportunities Executive Roundtable in Regina, Saskatchewan.
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Completing his illustrious career, High Commissioner Ajay Bisaria signed off on 30 June 2022 on superannuation. Team High Commission of India bade farewell to him thanking him for his leadership, his constant positivity and encouragement, and wished him the very best for his future.
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High Commission's engagement with major stakeholders in the
India-Canada commercial corridor
From July 4-8, 2022, the Indian delegation on India-Canada Comprehensive Economic Partnership Agreement (CEPTA)/Early Progress Trade Agreement (EPTA) led by Ms. Rachna Shah, Additional Secretary (NAFTA), Department of Commerce and India's Chief Negotiator, held third round of negotiations with Canadian side in hybrid mode in Ottawa. On July 4, 2022, AS(NAFTA) met Mr. Goldy Hyder, President & CEO of Business Council of Canada. On July 5, 2022, AS(NAFTA) met Mr. David Morrison, Deputy Minister of International Trade of Canada and discussed progress on CEPA/EPTA negotiations. On July 6, 2022, AS(NAFTA) had a meeting with Dr. Siddika Mithani, President, Canadian Food Inspection Agency and they discussed pending market access issues. On July 7, 2022, AS(NAFTA) met Ms. Michele Govier, Director General, International Trade Policy Division, Department of Finance Canada and discussed pending issues related to antidumping duties on Indian exports. On July 7, 2022, Ms Ruchi Bindra of CardiAi Inc, Canadian company from Calgary met the Invest India officials in Delhi. The Canadian company has expressed interest in investing in India in the field of genomics sequencing and Artificial Intelligence. On July 11, 2022, Acting High Commissioner (AHC) Anshuman Gaur met Mr. Eric Dequenne, Acting Deputy Minister for Economic & Interdepartmental Relations, Government of Quebec in Montreal. On July 11, 2022, AHC had a meeting with Mr. George Spezza, Director, Economic & Business Development, Niagara Region in Montreal. On July 12, 2022, AHC had a meeting with Mr. Fred Dermarker, President and Mr. Jason Cameron, Vice President, Atomic Energy of Canada Ltd. On July 28, 2022, Acting High Commissioner met Mr. Daniel Loutfi, Deputy Director, Global Affairs Canada and IRCC officials and discussed proposed India-Canada Migration and Mobility Partnership Agreement.
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Canada's Clean Seed and India's Chandigarh University forge new path
for Indian farmers to maximize crop production
Canadian agricultural technology pioneer Clean Seed Agricultural Technologies, in association with Chandigarh University, is going to bring to India its advanced planting and seeding technology having far-reaching impact on the agricultural practices, gains and replenishment. Developed over the past 10 years and patented by Clean Seed world-wide as well as in India, this globally proven seeding and planting technology is aimed at addressing key production and sustainability issues in agriculture.
The innovative, modular, row by row technology originally developed in Canada including a true single pass- no tillage row unit is designed to eliminate stubble burning and tillage, advanced metering technologies for precision application of seed and fertilizer, as well as planter singulation options.
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Canada’s Colliers look to further strengthen its India presence
On 14 July 2022, Real estate consultant Colliers India announced appointment of Mr. Peush Jain as Managing Director for office services to strengthen its team and achieve higher growth . With his appointment, Colliers India said the company is further strengthening its team to establish itself as the preferred partner for clients' varied evolving needs in India. Canada-based Colliers is one of the leading property consultants in the world. It has operations in 62 countries with total 17,000 employees.
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India, Canada ink pact for stronger
cooperation on climate action
India and Canada have signed an agreement to increase bilateral cooperation on climate action, environmental protection and conservation. Union Environment Minister Bhupender Yadav and his Canadian counterpart Steven Guilbeault signed the Memorandum of Understanding (MoU) on the margins of the Stockholm+50 meeting.
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OMERS backed AMS strengthens position in India with FlexAbility acquisition
AMS (formerly Alexander Mann Solutions), the leading global provider of talent outsourcing and advisory services, on 12 July 2022, announced the acquisition of FlexAbility, its longstanding Recruitment Process Outsourcing (RPO) partner in India, from the shareholders of firm ABC Consultants, the pioneer of recruitment services in the country. OMERS, one of Canada's largest defined benefit pension funds with C$121 billion in net assets, is the principal investor in AMS and the agreement also extends its connection and commitment to India.
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PM Gati Shakti National Master Plan
“An impetus to power infrastructure development”
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India's Mphasis sets up delivery centre in Alberta, Canada, to hire 1,000 people
India's IT services major Mphasis announced the setting up of a delivery centre in Downtown Calgary, Alberta. The centre will create 1,000 tech jobs in Alberta over two years. “The past three years, Canadian businesses have made great strides in digitising their operations, especially in the recent years. Mphasis’ investment in Canada extends beyond growing our offices; we are thrilled to create an ecosystem for Canada's workforce to upskill in digital technologies and work with Fortune 500 companies globally. Looking forward to welcoming our first set of employees in Calgary and to building great partnerships with Enterprises and Institutions in the region,” said Nitin Rakesh, CEO and Executive Director, Mphasis.
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India's HCL Technologies unveils new global delivery center in Vancouver, Canada
India's HCL Technologies (HCL), a leading global technology company, on 23 June 2022, announced the opening of its new delivery center in Vancouver, Canada. The new center will significantly expand its presence in the country to serve clients primarily in the HiTech industry. The new, nearly 9,000-square-foot facility will be a state-of-the-art center enabling faster and streamlined delivery of innovative technology services.
This announcement follows a broader wave of momentum in Canada for HCL Technologies as the company has opened new delivery centers in New Brunswick, Mississauga and Edmonton, and also welcomed its first cohort of the HCL Technologies Apprenticeship Program in Vancouver.
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Nokia partners with Indian Institute of Science (IISc) to set up centre of excellence for robotics research
Nokia, the Finnish telecom gear maker has collaborated with the Indian Institute of Science (IISc) in Bengaluru, India to set up a Centre of Excellence (CoE) in order to facilitate research in the areas of networked robotics. The research facility is expected to support interdisciplinary studies in robotics, 5G and AI, as well as other cutting-edge communication technologies.
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France's Safran to set up its largest
aircraft engine MRO (Maintenance
Repair & Overhaul) in India
Safran Engineering headquartered in France, whose engines are expected to power the majority of Indian aircrafts in the next few years, plans to set up its biggest maintenance repair and overhaul (MRO) facility in Hyderabad, according to Mr. Sandeepkumar Shivapuram, CEO, Safran. The MRO facility will service the Leap-1A and Leap-1B engines that comprise the largest chunk of Indian airlines’ order book.
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Canon opens its Experience Center in
New Delhi, India
Canon has opened an experience center in New Delhi where they would display the complete portfolio of offerings under the Network Video Surveillance (NVS) business. With this launch, Canon aims to become an end-to-end surveillance solutions provider and systems integrator, offering consultancy and services on CCTV surveillance, access control, public addressing, and video analytics, addressing the complete networking and surveillance life cycle. To further build advanced video solutions in the Indian market, Canon is also bringing together leading surveillance industry players - Axis, Milestone, and BCD, under one umbrella to strengthen their NVS product portfolio.
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Johnson Controls inaugurates Global Business Center in Gurgaon, India
Johnson Controls, the global leader for smart, healthy and sustainable buildings, on 7 July 2022, announced the inauguration of a Global Finance Center of Excellence at Intellion Park, Gurgaon, India. Olivier Leonetti, Executive VP & CFO , Johnson Controls, said, “We are excited to open a new Global Finance Center of Excellence in India. We have picked Gurgaon for the Center due to the availability of highly-skilled talent and the city’s vibrant business ecosystem. The opening of the Center also cements the company’s commitment to growth in India. This is the latest in a series of significant investments in the country, including two new OpenBlue Innovation Centers in Hyderabad and Bangalore.”
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US based Calix launches New India Development Center in Bengaluru
Calix has announced the launch of its India Development Center (CIDC) in Bengaluru, India. The 21,000-square-foot facility will expand research and development (R&D), commercial operations, and marketing to support the next phase of hypergrowth for Calix. The California-headquartered company chose to invest in Bengaluru, “India’s Silicon Valley,” for its new development center because of its position at the forefront of information technology in India. Bengaluru is known for attracting the top talent in India, which could help Calix develop the next generation of solutions that are transforming the broadband industry.
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Consilio announces expansion of
India-based Capabilities
Consilio, a global leader in eDiscovery, document review, risk management, and legal consulting services announced, on 15 June 2022, the launch of new facilities in Gurgaon, Bangalore, and Hyderabad, expanding its global footprint to meet client demand for its legal technologies and services and firmly establishing India as a key talent hub for its growing eDiscovery, risk management, and legal consulting business lines. Employing nearly 800 professionals spanning every function of Consilio operations – from data operations and human resources to project support and engineering, the company expects growth to 2,000 employees in India in the next 36 months.
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Metro Rail projects to offer opportunities worth US$ 10 billion for construction in India
For more information :
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India continues to remain a favourable destination for foreign investment
Despite pandemic-related uncertainties, India remains a favourable destination for foreign investment. In 2021, around 44 per cent of 1,200 global business heads in developed economies were planning to make first-time or additional investments in India.
Several nations said that they found India a lucrative destination because of its domestic market, and not only as a hub for exports. Gross Foreign Direct Investment (FDI) inflows increased, from US$ 82 billion in FY 2021 to US$ 83.6 billion in FY 2022.
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Indian economy may touch US$ 30 trillion in next 30 years, says Minister Goyal
Union Minister of Commerce and Industry Piyush Goyal said that India has one of the fastest-growing economies in the world and is projected to reach US$ 30 trillion in the next 30 years. According to him, if India experiences compound annual growth of 8%, its economy will double in about nine years.
He stated that in nine more years, or 18 years from now, our economy will be around US$ 13 trillion. After another nine years, or another 27 years, our economy will be worth US$ 26 trillion. So, it stands to reason that we can all confidently anticipate that the Indian economy will be worth US$ 30 trillion in 30 years.
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India's preventive healthcare market projected to touch US$ 197 billion by 2025
For more information :
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Australia announces commitment of AU$ 5.8 million for
Critical Mineral partnership with India
On 4 June 2022, India and Australia improved collaboration on supply chains and projects for critical minerals following a meeting between Resources and Northern Australia Minister, Ms. Madeleine King, and her Indian counterpart, Minister for Parliamentary Affairs, Coal and Mines, Mr. Pralhad Joshi. In a three-year, AU$ 5.8 million (US$ 3.93 million) commitment, Ms. King announced that Australia would join the India-Australia Critical Minerals Investment Partnership.
Mr. Joshi stated that India has recently signed an MoU between Khanij Bidesh India Ltd (KABIL), and the Critical Minerals Facilitation Office (CMFO), Australia, which aims to ensure reliable supplies of critical and strategic minerals to India. The MoU involves cooperative due diligence on Australian mining assets for lithium and cobalt. The due diligence procedure would be jointly funded by CMFO and the Indian JV KABIL with an initial sum of US$ 6 million. As outlined in the MoU, India will investigate investment options after the due diligence is finished and relevant projects have been identified.
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India - A Global FinTech Superpower
India is amongst the fastest growing Fintech markets in the world and there are 6,636 FinTech startups in India
For more information :
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Prime Minister Modi inaugurates Bosch Smart Campus in
Bengaluru via video conferencing
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On 30 Jun 2022, PM Modi addressed on the occasion of Bosch India on completing 100 years of its presence in India. Calling the present times as an era of technology and underlining the benefits of technology as demonstrated during the time of the pandemic, the Prime Minister said it is important to invest even further in tech and innovation.
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Indian tech sector hired 200K Americans, helped USA
generate US$ 103 billion in 2021
The Indian tech industry generated US$ 103 billion in revenue and directly employed 207,000 people in the US last year, with an average wage of US$ 106,360 -- witnessing a 22 per cent employment growth since 2017, a new Nasscom report showed on 13 July 2022.
The direct impact of the Indian tech industry has helped the US economy generate a total of $396 billion in sales to date, supporting 1.6 million jobs and contributing over $198 billion to the American economy -- larger than the combined economies of 20 US states in 2021, according to report by Nasscom and IHS Markit (now part of S&P global).
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Indian Economy continues to grow !!!
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India's Bioeconomy likely to touch
US$ 300 billion by 2030
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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:
Prashanth Devakumar
Marketing Executive
com.ottawa@mea.gov.in
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