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India Canada Biz Digest
(Delivering news impacting India-Canada economic relations)
Compiled by the High Commission of India, Ottawa
15 November - 17 December, 2020
Issue 134
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Prime Minister Modi invites investors-developers to be part of India's mega renewable energy projects
Prime Minister Narendra Modi has invited investors, developers and businesses to join India’s USD 20 billion a year of renewable energy projects to be undertaken over the next decade.
“There are huge renewable energy deployment plans for the next decade. These are likely to generate business prospects of the order of around 1.5 lakh crore rupees or USD 20 billion per year,” said the Prime Minister at the 3rd Global Renewable Energy Investment Meeting and Expo (RE-Invest 2020) through video conferencing on 26 November 2020.
“This is a big opportunity to invest in India. I invite investors, developers and businesses to join India’s renewable energy journey,” he said. Today, every village and almost every household in India has access to electricity. Tomorrow, their energy demand will increase. Thus, demand for energy in India will keep growing, he added.
“Our policies are in line with the technology revolutions. We are proposing to launch a comprehensive National Hydrogen Energy Mission,” he announced.
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Global Sovereign Funds interested in India’s National Infrastructure Pipeline : Finance Minister Nirmala Sitharaman
Enthused by Indian Government’s thrust on reforms and reduced taxation rates, several Sovereign Funds have expressed interest in partnering with the Government on its National Infrastructure Pipeline, Finance Minister Nirmala Sitharaman told business leaders during the National MNCs Conference 2020, organised by the Confederation of Indian Industry (CII) on 23 Nov 2020.
Further, she assured that several measures are being taken up to keep the reforms impetus intact such as professionalization of the financial sector and thrust on disinvestments though the headwinds to the economic growth have exacerbated in the present pandemic.
The reforms announced by the government under the ambit of the Aatmanirbhar Bharat Package have opened up many sectors including niche sectors such as Nuclear Energy and Space for foreign investors to partake in, the Minister added.
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Destination India: Opportunities for your business
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As an increasing number of North American firms look to diversify their supply chains and explore new export markets, Indigo Consulting hosted a webinar, 'Destination India: Opportunities for your Business' for businesses interested in global expansion.
The session featured the following speakers:
- H.E Ajay Bisaria, High Commissioner of India to Canada
- Mr. Sandeep Goel, President and CEO, ICICI Bank Canada
- Mr. Murli (Ned) Nedungadi, Former Regional Director, Business Development Bank of Canada (BDC)
- Mr. Irwin Raj, Principal Consultant, Indigo Consulting
High Commissioner Bisaria talked about various initiatives being taken by the Government of India to address the health crisis in the country and explained how the country is positioning itself for growth beyond 2020.
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India-Canada Virtual Buyer-Seller Meet on Apparel Sector :
organized by HCI, Ottawa in association with AEPC
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High Commission of India, Ottawa, in association with Apparel Export Promotion Council (AEPC), held a virtual B2B meeting among Canadian buyers and Indian apparel exporters on 3rd December, 2020.
High Commissioner of India to Canada, H.E Ajay Bisaria said there is a growing trust in India’s growth story among Canadian companies and a huge opportunity for Indian apparels to increase their market share in Canada. Speaking at India-Canada virtual B2B meeting, the High Commissioner said “Looking at the India-Canada corridor, there is a great deal of faith among Canadian companies in the medium and long-term prospects of India, apart from conversations on immediate issues. Today we have a strategic partnership with Canada which is propelled and fuelled by the economic partnership.”
“There are already 600 active Canadian companies in India. There are 1,000 Canadian companies doing business with India. Even in pandemic times, the overall engagement is about $100 billion, if you count trade, investment, remittances and tourism spend. We see this number consistently increasing in the next few years,” he further added.
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Ontario’s trade mission to India to develop partnerships in strategic markets
The Ontario government launched a virtual mission to India in December 2020 to develop partnerships in strategic markets in India. “With this virtual tour, our government will continue to develop partnerships in strategic markets in India, which will help us build the foundation for recovery in the short term, and prosperity in the long-term,” said Mr. Vic Fedeli, Minister of Economic Development and Trade, Ontario, announcing the planned mission on 30 Nov 2020. Prior to the announcement, the Minister also held a webinar with High Commissioner Bisaria to discuss details pertaining to the campaign.
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Why are foreign investors making a beeline to invest in India: 10 reasons
Foreign direct investment (FDI) is an important source of non-debt finance and hence a factor in the economic development of a country. India has been a preferred destination for foreign investors for long, the recent upsurge in flow of funds into the country is quite remarkable and encouraging. According to the World Investment Report, 2020 of the United Nations Conference on Trade and Development (UNCTAD), India jumped from 12th spot in 2018 to 9th spot in 2019 on the list of global top 20 recipients of FDI. In other words, India was among the top 10 recipients of FDI. FDI inflows into India increased from USD 44 billion in 2018 to USD 51 billion in 2019.
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India’s digital finance approach a global model: Bill Gates
Tech pioneer Bill Gates praised India’s policies for financial innovation and inclusion, saying his philanthropic foundation is working with other countries to roll out open-source technologies modeled on the country’s implementation. India has built ambitious platforms for universal identification and digital payments, including the world’s largest biometric database and a system for sending money between any bank or smartphone app. Gates said those policies have drastically reduced the cost and friction of distributing aid to the needy, especially during the pandemic.
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Blackstone to buy Piramal Glass in second USD 1 billion India deal of 2020
Global investment management firm Blackstone Group Inc. has struck a deal to acquire Piramal Glass Pvt. Ltd at an enterprise valuation of about USD 1 billion, outbidding many other private equity firms for the glass packaging company. The sale of the unit of billionaire Ajay Piramal-led Piramal Group is the largest-ever transaction for a packaging company in India, Axis Capital, which was the advisor on the deal, said in a statement. Axis Capital also said that the transaction process was launched after the Covid-19 outbreak and managed to overcome the constraints imposed by the “unusual” business environment.
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IKEA to infuse over USD 815 million for expansion in Maharashtra, India
Swedish retailer Ikea is planning to invest USD 815.7 million for its expansion in the state of Maharashtra, India and plans to open as many as eight stores of different formats over the next ten years. "The investments will be made over the next ten years as we are looking at a long-term growth opportunity here. In Mumbai, Ikea plans to build six-eight stores of different formats. Two of the smaller city centre stores are planned during fiscal year - 2021,” Mr. Per Hornell, Market and Expansion Manager at Ikea India said.
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Amazon, CII (Confederation of Indian Industry) join hands to boost MSME business
CII and Amazon India have signed an agreement to expand micro, small and medium enterprises (MSMEs) export capacity in 10 states and help them manage e-commerce to improve domestic trade. Amazon India will collaborate with the Confederation of Indian Industry (CII) as part of the Memorandum of Understanding (MoU) to train MSMEs in 10 states to develop and scale up their business in India and globally. At the 17th CII Global SME Business Summit, the pact was completed.
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PLI scheme: A boost for India to be a global manufacturing hub
The Production-Linked Incentive (PLI) Scheme for 10 more sectors with an additional outlay of USD 19.8 billion is a massive boost to India becoming a global manufacturing hub, ASSOCHAM (The Associated Chambers of Commerce and Industry of India) Secretary General Mr. Deepak Sood said, welcoming the Cabinet’s recent PLI approval. “Along with the PLI Scheme already in operation, the total outlay approved for the flagship programme for making India Atmanirbhar (self-reliant India) in the global manufacturing value chain is over USD 27 billion. “This would have a huge multiplier effect on economic activities, with a sizable generation of employment across different sectors such as automobiles, electronics, textiles, food products, and telecom." he added.
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Unpacking India's response in times of COVID-19
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World counting on us for affordable COVID vaccine: EAM S. Jaishankar
India's External Affairs Minister S Jaishankar said the world is counting on India to make COVID vaccine accessible and affordable for all. “Prime Minister Modi has committed to the UN that we will help make vaccines accessible and affordable to all. From the regular conversations I have had with so many counterparts, the world is counting on us to do so,” he said while delivering the keynote address at the Deccan Dialogue.
Saying that all countries must emerge out of the pandemic with a stronger sense of cooperation, Jaishankar said India has always been the first responder with regard to humanitarian assistance and relief operations. “We have been there, whether it was the Nepal earthquake, the Yemen civil war, the Mozambique cyclone and the Sri Lanka mudslides,” he added.
Over 60 foreign envoys visit leading pharma companies in Hyderabad, India
On 09 December 2020, over 60 foreign envoys visited Hyderabad-based leading biotech companies - Bharat Biotech and Biological E where they were apprised of India's vaccine development programmes in the wake of the COVID-19 pandemic. "In a first, a visit of more than 60 Heads of Missions was arranged to the research and manufacturing facilities of the leading biotechnology companies, Bharat Biotech and Biological E, in Hyderabad," Spokesperson in the Ministry of External Affairs, Anurag Srivastava tweeted.
The foreign envoys were taken to Hyderabad over a month after the Ministry of External Affairs briefed over 190 heads of diplomatic missions and representatives of leading international organisations on COVID-19 related issues.
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India leads the world in AI adoption amid the COVID-19 pandemic
The pandemic that hit the world disrupting the lives of both individuals and organisations produced a winner—high-tech adoption across the globe, with Indian organisations leading such changes. The largest rise in the use of artificial intelligence (AI) during COVID-19 has been observed in India, according to a global report by PwC India.
94% of the more than 200 Chief Executives surveyed in India said that they have either adopted or are preparing to introduce AI in the company. Compared to major economies such as Britain, Japan and the US, the study said India witnessed the highest rise in AI use, with over 70% of Indian organisations adopting AI in some functional areas in 2020 compared to about 62% last year.
Australia pledges USD 3.05 million for joint research with India on COVID-19
The Australian government has invested 4 million Australian dollars (USD 3.05 million) for a joint study, along with Indian researchers, into the long-term health effects of COVID-19 and its early detection, the Australian Industry, Science and Technology Minister, Ms. Karen Andrews announced on 11 December 2020.
"This latest funding will enable Australian and Indian researchers to contribute to the global response to the COVID-19 pandemic, including in crucial screening and diagnostic testing," the Minister said.
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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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