FM Sitharaman pitches India to Canadian investors, eyes C$70 billion trade target and GIFT City opportunity

Union Finance Minister Nirmala Sitharaman has pitched India’s growth story to Canadian investors, highlighting the country’s scale, young population, rising consumption and deepening capital markets as New Delhi and Ottawa seek to take bilateral trade to C$70 billion by 2030.

Addressing the Indian diaspora and business community in Toronto, Sitharaman said India and Canada were the “most natural partners” and stressed that the relationship between the two countries goes beyond any individual trade agreement. Her remarks come as the two sides push ahead with negotiations for a Comprehensive Economic Partnership Agreement (CEPA) and seek to strengthen investment and financial cooperation.

Sitharaman highlights GIFT City opportunity

Sitharaman identified Gujarat International Finance Tec-City (GIFT City) as a key avenue for Canadian institutional investors looking to participate in India’s growth story. She also pointed to the Unified Payments Interface (UPI) and India’s fintech ecosystem as areas offering scope for deeper cooperation between the two countries.

The Finance Minister said India’s combination of sustained economic growth, a large and young population, expanding consumption and increasingly sophisticated capital markets created significant opportunities for Canadian investors.

India-Canada economic ties get fresh momentum

The investment pitch comes against a broader effort by both countries to deepen economic engagement. India and Canada have set a joint ambition of raising bilateral trade to C$70 billion by 2030, while negotiations for the proposed CEPA are under way.

Sitharaman also pointed to recent developments as evidence of the renewed economic momentum between the two countries, including the formal launch of CEPA negotiations and a C$2.6 billion uranium agreement with Canadian company Cameco.

She said the partnership could extend across areas including energy, critical minerals, technology, innovation and resilient supply chains, giving the economic relationship a wider base beyond conventional merchandise trade.

Canadian capital eyes India’s growth story

Canadian institutional capital already has a significant presence in India. Sitharaman highlighted the investments made by Canadian pension funds across areas such as infrastructure, logistics, renewable energy and financial services, while making the case for greater participation in India’s next phase of growth.

It was reported earlier that Sitharaman would be travelling to Canada and the United States from August 25 to September 2. Her visit includes the first India-Canada Economic and Financial Dialogue with Canadian Finance Minister François-Philippe Champagne, along with meetings with investors and businesses. The dialogue is expected to focus on macroeconomic developments, financial-sector cooperation and investment opportunities.