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India Canada Biz Digest
(Delivering news impacting India-Canada economic relations)
Compiled by the High Commission of India, Ottawa
20 December - 28 January, 2020
Issue 135
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President Kovind's address to the nation on the eve of the 72nd Republic Day
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President Ram Nath Kovind addressed the nation on the eve of the 72nd Republic Day (25 January 2021). Conveying his heartfelt wishes, President Kovind paid homage to India's freedom fighters in his speech. He also spoke about the contribution of farmers and soldiers in the country and how the coronavirus crisis led to "Atma-nirbhar Bharat (Self-Reliant India)".
He added "In order to open up the economy without risking the lives of the people, the process of unlocking was carefully calibrated. This has proved effective and the economy has started showing indications of recovery faster than anticipated. The latest unprecedented collection of GST and India’s emergence as a most favoured destination for the foreign investment are indicative of our faster economic recovery. The government has encouraged small and medium industries to unleash entrepreneurial spirit by providing easy loans to them and helped them to come up with innovative business ideas."
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Prime Minister Modi pitches for FDI, targets USD 100 billion in 2 years
On 19 December 2020, Prime Minister Modi delivered the keynote address at ASSOCHAM Foundation Week 2020 via video conferencing. He packaged India as an attractive investment destination due to its low tax rates, sharp reduction in red-tapism and emergence of digital infrastructure.
Addressing entrepreneurs withAssocham industry chamber through video-conferencing, the Prime Minister juxtaposed the situation now and earlier to make the case for foreign funds to invest in India.
The Prime Minister said even during the pandemic, when the whole world is troubled for investment, record FDI and PFI have come to India as the world trusts the Indian economy now. He gave a call for the industry to increase the domestic investment drastically in line with the increased confidence of the world.
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Prime Minister Modi announces USD 137 million seed fund for startups
Prime Minister Modi, on 16 Jan 2021, announced a Start-up India seed fund worth USD 137 million to enable startups to raise initial funding. “This will help to start and grow new start-ups,” PM said at the Prarambh Start-up India International Summit. Going ahead, the government will also help startups to raise debt capital by providing guarantees, Modi said, adding, “India is trying to create a startup ecosystem which will be based on the key principle of the youth, by the youth and for the youth.”
PM said India today has the world’s third-largest startup ecosystem. The country has more than 41,000 startups of which more than 5,700 startups are in the IT sector. As many as 3,600 startups operate in the health sector, while nearly 1,700 startups are present in the agriculture sector, the PM said, emphasising that these startups are changing the “demographic characteristics of businesses”. “The biggest USP of the startup world is its disruption and diversification capacity,” he added.
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Minister of Foreign Affairs, Canada wishes all Indians on the
72nd anniversary of India's Republic Day
On 26 January 2021, Minister of Foreign Affairs, Canada Marc Garneau in a statement said “Canada salutes the people of India on the 72nd anniversary of their republic and constitution. Our countries have a long-standing friendship. Our shared history, parliamentary traditions and democratic values lie at the heart of this bond, and the challenges of the past year show that the links between our countries continue to grow stronger."
“India’s leadership in sustaining global supply chains of critical medical supplies and pharmaceuticals has proven to be invaluable, helping a great number of Canadians," he added.
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Webinar on strategic advantages of doing business in
India’s manufacturing sector
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On 27 January 2021, Chamber of Commerce of Metropolitan Montreal (CCMM) organized a webinar about strategic advantages of dong business in India's manufacturing sector. The webinar offered insights into India's business climate and developments in its key industries and understand strategic advantages and huge commercial potential for market entry & development.
The session featured the following speakers:
- H.E Ajay Bisaria, High Commissioner of India to Canada
- Mr. Varun Sood, Vice President,
Invest India
- Mr. Vijay Kalantri, Vice Chairman, World Trade Centers Association (WTCA), Mumbai
High Commissioner Bisaria talked about the results of various initiatives taken by the Government of India such as Covid vaccine development, economic structural reforms, air bubble arrangements, FDI inflows and trade & investment facilitation for Canadian stakeholders in India.
Mr. Sood from Invest India made a presentation on the manufacturing opportunities in India covering areas such as growth drivers in manufacturing sectors, e-commerce market, transformative reforms in ease of doing business, PLI schemes, manufacturing incentives and India-Canada bilateral trade & investment.
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High Commissioner's engagement with major stakeholders in the India-Canada commercial corridor
On 17 December 2020, High Commissioner (HC) Ajay Bisaria met with Hon’ble Bob Zimmer, Member of Parliament from the northern Rockies, British Columbia. They discussed several ideas on strengthening of India-Canada partnership in various sectors. On 22 December 2020, HC took part in a virtual meeting with Consul General Manish, CGI Vancouver and Mr. Ajay Patel, President and CEO of Vancouver Community College and his VPs for International Collaboration. Applied learning opportunities for Indian International students was discussed. On 8 January 2021, HC had a virtual meeting with Mr. Anil Arora, Chief Statistician of Canada. A wide range of issues including India - Canada collaboration in data & statistics were discussed. On 21 January 2021, HC made a keynote address in a virtual bilateral webinar between members of World Trade Centre in Vancouver and Mumbai and BC-India Business Network. The event witnessed insightful conversations on high value opportunities in India and British Columbia. On 21 January 2021, HC had a virtual meeting with Mr. Blake Hutcheson, President & CEO and Mr Satish Rai, Chief Investment Officer, Ontario Municipal Employees Retirement System (OMERS). OMERS’ strong portfolio of investments in India, future plans and other interests were discussed.
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Canada's Brookfield hits USD 20 billion mark with its India Investment
Canada’s Brookfield Asset Management Inc. and New York-based Blackstone Group Lp have both reached the USD 20-billion investment milestone in India, as they continue to take long-term bets on real estate and other sectors. Of the USD 20 billion that Brookfield has invested in India over the past decade, around USD 7 billion went into real estate, as the firm placed large bets on acquiring assets of property developers. In 2020 alone, the Canadian investor pumped in nearly USD 11.5 billion. This included the Reliance Jio Infratel Pvt. Ltd acquisition along with its partners and Singapore’s GIC Pte Ltd for an investment value of USD 7.6 billion.
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The Canada connection: Prem Watsa-backed Digit becomes first Indian startup unicorn of 2021
Non-life insurer Digit, backed by Canadian billionaire Prem Watsa, has become the first Indian startup unicorn of 2021. The Bengaluru-based general insurer’s latest funding round, led by existing private equity investors A91 Partners, Faering Capital and TVS Capital, has valued the company at USD 1.9 billion, making it the second insurtech startup after Policybazaar to enter the coveted unicorn club, or those with valuations of over USD 1 billion. Last year, 11 startups achieved unicorn status.
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Global investors invited to invest in India's Oil & Gas projects worth USD 143 billion
Union Minister of Petroleum and Natural Gas & Steel, Government of India Dharmendra Pradhan interacted with Stanford Alumni Group on "The Future of Energy in India. Describing India as an attractive investment destination for the energy sector, he said that several policy reforms have enhanced the ease-of-doing-business. "A testament to the same is the projected investment of USD 143 billion in the Indian oil & gas sector, of which, USD 56 billion is in E&P, USD 66 billion in gas and USD 20 billion in refining. We are keen to partner with global companies and investors for further strengthening of energy infrastructure in the country, " he added.
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Saudi Arabia's USD 100 billion investment plan in India is on track
Saudi Arabia’s plan to invest over USD 100 billion in India is still on track despite the negative impact of the coronavirus pandemic, said the Kingdom’s ambassador to New Delhi. In February 2019, Crown Prince Mohammed bin Salman announced that the Kingdom would invest over USD 100 billion in India in petrochemicals, refining, infrastructure, mining, manufacturing, agriculture and several other sectors. “Our plans to invest in India are on track and we are in discussion to prioritize investment opportunities in several sectors in both countries,” he told the Press Trust of India.
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TOTAL France to acquire 20% stake in India's Adani Green Energy for USD 2.5 billion
Global energy major Total will pick up a 20 per cent stake in Adani Green Energy Ltd (AGEL), the renewable power company of the Adani group, by way of acquiring shares held by the promoter group. Along with the minority stake, the French firm will acquire 50 per cent in a 2.35-gigawatt portfolio of operating solar assets owned by AGEL in a deal worth USD 2.5 billion, said a statement by AGEL. Total will also have a seat on the AGEL board. This is the third partnership between Total and the Adani group. In 2019, Total had acquired 37.4 per cent in Adani Gas and 50 per cent in the group’s Dhamra LNG project.
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Tesla marks India entry with new office in Bengaluru
Billionaire Elon Musk-led Tesla has registered a subsidiary company in Bengaluru, India, as the Cupertino-headquartered electric vehicle (EV) maker eyes a slice of the largely untapped domestic sustainable automobile market. “We have been interacting with Tesla for the last few months and it is happy news that they have decided to incorporate their company here. Bengaluru is not only the technology capital but also the aerospace and space capital. For any kind of technology collaboration, it has the right kind of talent pool," Gaurav Gupta, Principal Secretary, Commerce & Industries of Karnataka said.
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Amazon Partners with Startup India, Others to boost e-commerce exports from India
Amazon announced that it has partnered with Startup India, Sequoia Capital India and Fireside Ventures to launch an accelerator programme to support entrepreneurs introduce their products to worldwide audiences in the early stages. The Amazon Global Selling Propel (AGSP) programme is established to help early stage start-ups (increased post-seed funding to pre-series A stage, if funded) in the area of consumer goods to launch in world markets and to develop global brands from India through the Global Selling programme of Amazon. Technology adoption and digital transformation have laid the foundation for India to be at the leading edge of innovation, contributing to some of the world's best start-ups.
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DGT-Microsoft-NASSCOM join hands for pan-India digital skilling
The Directorate General of Training (DGT), Ministry of Skill Development and Entrepreneurship has joined hands with Microsoft and NASSCOM Foundation to provide digital content for ITI students and a future-ready employability skilling program for upskilling and reskilling. “Empowering the next generation of learners with industry-relevant digital skills is critical as we move towards building economic resilience,” said Anant Maheshwari, President, Microsoft India. In the last two years, the DGT has collaborated with many digital industry front-liners like IBM India, SAP India, Cisco Systems India, Accenture Solutions and Quest Alliance, Adobe, SSC-NASSCOM among others, to enable the students to become industry-ready.
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MeitY & AWS partner to set up Quantum Computing Applications Lab in India
The Ministry of Electronics and Information Technology (MeitY), Government of India is set to establish a Quantum Computing Applications Lab in the country, in collaboration with Amazon Web Services (AWS). This is expected to accelerate quantum computing-led research and development and enable new scientific discoveries. The MeitY Quantum Computing Applications Lab, established with the support of AWS, is the first of its kind initiative in the world. The MeitY Quantum Computing Applications Lab will provide quantum computing as a service to government ministries and departments, researchers, scientists, academia, and developers to enable advances in areas such as manufacturing, healthcare, agriculture, and aerospace engineering.
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SAP to invest USD 68.37 million to accelerate its multi-cloud strategy in India
SAP SE announced it would invest USD 68.37 million in India to localise and provide a multi-cloud choice for users. SAP, emphasizing its commitment to India, said in a statement that it will make its multiple cloud solutions available in data centers in India. Mr. Scott Russell, President, SAP Asia Pacific Japan, said, “The commitment of SAP to support India's development vision remains a top priority, and with greater collaboration with India, we are determined to do so.” Mr. Kulmeet Bawa, SAP Indian Subcontinent President and MD asked that SAP seeks to advance Aatmanirbhar Bharat's (self-reliant India) vision by deploying an adaptable and scalable cloud technology that has been co-developed in India and is now available in local data centres to support Indian businesses reconfigure their businesses to function efficiently.
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New Foreign Trade Policy 2021-2026 to be rolled out from April 2021
Ministry of Commerce and Industry, Government of India, on 12 January 2021, said that India's new Foreign Trade Policy 2021-2026, under formulation, will come into effect from April 1, 2021, for five years and will strive to make the country a leader in international trade. The Parliamentary Consultative Committee of the Ministry of Commerce and Industry held a meeting on the subject ''New Foreign Trade Policy 2021-26'', the Commerce Ministry said in a statement. It was chaired by the Minister of State for Commerce and Industry Hardeep Singh Puri, and attended by Members of Parliament (MPs) and senior officers of the ministry. "It was informed that the District Export Hubs Initiative will form an important component of the new FTP," the Commerce Ministry added.
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FDI in India rose by 13% in 2020, as inflows declined in major economies due to pandemic: UN
An 'investment trends monitor' issued by the United Nations Conference on Trade and Development (UNCTAD) has highlighted that Foreign Direct Investment (FDI) into India rose by 13 per cent in 2020, boosted by interest in the digital sector, and while fund flows declined most strongly in major economies such as the UK, the US and Russia due to the pandemic. The report reveals that India and China has bucked the trend.
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Unpacking India's response in times of COVID-19
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India launches world’s largest COVID-19 vaccination drive
The Prime Minister Modi launched the pan India rollout of COVID-19 vaccination drive via video conferencing on 16 January 2021 . This is the world’s largest vaccination program covering the entire length and breadth of the country. A total of 3006 session sites across all States and UTs were virtually connected during the launch.
The Prime Minister congratulated the country for a united and brave fight against corona. He termed the Indian response to corona as one of self-confidence and self-reliance. He noted a determination of not to let the confidence weaken in every Indian. He dwelled at length on the contribution of doctors, nurses, para medical staff, ambulance drivers, ASHA workers, sanitation workers, police and other frontline workers who endangered their lives to save others.
Free vaccines and India’s humanitarian diplomacy
Large parts of the world are still reeling from the spread of the coronavirus, with renewed lockdowns in effect in many places. With every stricken country focused on tackling its COVID-19 crisis, there is little international generosity in donating large quantities of medicines or vaccines when demand for them is sky-high.
So, when India in recent days delivered millions of COVID-19 vaccines as gifts to countries in the Indian Ocean region, it attracted international attention. More than 5 million Indian-made vaccines were airlifted last week to countries extending from Myanmar and Bangladesh to Mauritius and the Seychelles. And millions of more free vaccines are on their way this week.
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Combatting Covid-19 infodemic with AI virtual assistant
As India confronted the challenge of the pandemic, it also sought to curb the spread of rumours. An AI-driven agent, called MyGov Saathi, was deployed to better prepare the citizens for the crisis and empower them to reduce their risk of contracting the virus.
The Government of India’s Digital India Corporation (MyGov) sought to equip its 1.3 billion citizens with a responsible AI tool that provides accurate and useful information on the pandemic. Working together with Accenture and Microsoft, India moved fast to develop an AI-powered virtual agent in days. Referred to as MyGov Saathi (meaning “companion” in Hindi), the agent harnesses the capabilities of Microsoft’s Power Virtual Agent and Azure.
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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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commercial queries
Please Contact:
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