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India Canada Biz Digest
(Delivering news impacting India-Canada economic relations)
Compiled by the High Commission of India, Ottawa
November 2023
Issue 149
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Hon'ble Prime Minister of India Narendra Modi chairs the virtual G20 Leaders Summit - 22 November 2023
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Hon'ble Prime Minister of India (PM) Narendra Modi chaired the virtual G20 Leaders Summit on 22 November 2023. The Summit witnessed participation of leaders from G20 member countries, the Chair of the African Union, and representatives from nine guest countries, along with the heads of 11 international organizations. In his opening remarks, PM said G-20 got the identity of People's-20 under the Presidency of India. He added that it is a matter of pride for India that the African Union became a member of G20 during India's presidency. PM added that G20 under India's presidency has emphasized adopting a human-centric approach while supporting innovation and digital technology, and further added that the G20 has again increased confidence in multilateralism.
PM also stressed on the responsible use of technology in the age of Artificial Intelligence (A.I). He said India wants the world to work together on global regulation of A.I. In his closing remarks, it was emphasized on the path-breaking G20 Leaders' Declaration that was accorded a unanimous acceptance, and conveyed his best wishes to Brazil for the G20 presidency. In conclusion, PM hoped that, under Brazil's presidency, the world will move forward focusing on human centric approach.
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India GDP growth in Q2 FY 24 beats estimates at 7.6%
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Seminar on Ayurveda & Well Being – 10 November 2023
High Commission of India, Ottawa, in collaboration with Indo-Canada Ottawa Business Chamber (ICOBC) organized a seminar on ‘Ayurveda & Well Being’ to celebrate 8th Ayurveda Day on 10 November 2023 in Host India, Ottawa. The event featured a key-note address by the Deputy High Commissioner (DHC) Chinmoy Naik and presentations by Dr. Hemant Gupta, Director, Holistic Ayurveda Institute & Wellness Centre and Dr. Sarma C. Mallubhotla, Local Botanist & Health Science Expert. The objective of the event was to create awareness through health experts, business community leaders, chambers of commerce, etc. about the various benefits of Ayurvedic practices, business opportunities and holistic well-being. With a focus on sustainable health practices, the evening was planned to bring together like-minded participants to generate a narrative on Ayurveda. In the event, Mission also promoted Indian millets through a photo exhibition.
DHC, during his key-note address, emphasized the practical aspects and business potential of Ayurveda in Canada. He mentioned that, under India’s G20 presidency, the nation envisions a world where the health of the planet and the well-being of every individual are interconnected, guided by the overarching theme of 'One Earth – One Health,' with traditional practices like Ayurveda being one of the strong pillars for a healthy lifestyle. He also mentioned the MoU between All-India Institute of Ayurveda (AIIA), New Delhi and Toronto-based University Health Network (UHN), signed on 20 April 2022, and urged interested stakeholders to explore the benefits of holistic medicine practices through bilateral exchange programs.
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India resumes electronic visa services
for Canadian Nationals
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Canada's Ontario Teachers' Pension Plan invests
USD 80 million in India's Xpressbees
Xpressbees, one of India’s market-leading and fastest growing third-party end-to-end logistics platforms, announced on 7 November 2023 that Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Canada's Ontario Teachers’ Pension Plan (OTPP) has made a USD 80 million investment in Xpressbees. This investment will be used to help drive further growth for the Xpressbees platform and support the company’s strong management team with their future ambitions. This marks Ontario Teachers’ first investment in India from the TVG platform. TVG joins a marquee set of investors in the company including Blackstone Growth, TPG Growth, ChrysCapital, Khazanah Nasional Berhard, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners and Gaja Capital.
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India's Biocon ink pact with Canada's Juno Pharma
for commercialisation of Liraglutide in Canada
Indian biopharmaceutical company Biocon announced, on 06 October 2023, a partnership with Juno Pharmaceuticals, a specialty pharmaceutical firm based in Canada, for the commercialisation of Liraglutide, a drug-device combination intended for the treatment and management of Type 2 diabetes and obesity in the Canadian market.
Under the agreement's terms, Biocon will be responsible for obtaining regulatory approvals for Liraglutide and will subsequently manage the manufacturing and distribution of the product within Canada.
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Brookfield India REIT witnesses remarkable growth in India, registers 24% jump in the operating income
Brookfield India Real Estate Trust (BIRET), an affiliate of Canada's Brookfield Asset Management Inc, said its adjusted net operating income grew 44% year-on-year in the September quarter. The company recorded a 24% jump in the operating income of nearly USD 71 billion for the first half of FY24 (April-September).
The company's income from operating lease rentals grew 33% YoY in July-September. The rentals increased by 19% YoY in April-September.
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Canada’s AIMCo may buy into India's
Aditya Birla Renewables Ltd
Alberta Investment Management Corporation, or AIMCo, is among a list of investors keen on buying a minority stake in the renewable energy business of Indian conglomerate Aditya Birla Group, according to a media report.
Mumbai-based Aditya Birla Renewables states it has 2.3 GW of capacity in its portfolio and in the pipeline and is targeting to achieve 4.5 GW of installed capacity by fiscal 2026.
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Together 4.0 (Closing Ceremony) - India-Canada Entrepreneurship Bootcamp
& Venture Competition for Students
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The Schulich School of Business partnered with Startup India (Government of India) to organize the fourth edition of the Entrepreneurship Bootcamp and Competition on 15 September 2023. The closing ceremony was held on 28 October 2023. High Commissioner (HC) Sanjay Kumar Verma delivered his remarks at the closing ceremony.
Together Mission is a one-of-a-kind initiative that bridges two leading innovation economies, India and Canada, with an Entrepreneurship Bootcamp & Venture Competition. The objective of the program was empower student entrepreneurs from India to build, learn and collaborate with global colleagues, mentors and trainers. A community of 600 students, start-up founders, investors, and coaches from India & Canada worked online together during the course of the program.
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Why India ?
Land of unlimited opportunities
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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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Connect here for India's recent announcements in policy, foreign investment, business trends & more
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