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India Canada Biz Digest
(Delivering news impacting India-Canada economic relations)
Compiled by the High Commission of India, Ottawa
August 2021
Issue 138
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Prime Minister of India addresses the Nation from the ramparts
of the Red Fort on India’s 75th Independence Day
Prime Minister (PM) Narendra Modi unfurled the National Flag from the ramparts of the iconic Red Fort on 15th August 2021. He addressed the country and laid out the plan for the next 25 years before the nation.
PM Modi said people can take pride that the world's largest Covid vaccination program is going on in the country and lauded doctors, nurses as well as those involved in vaccine manufacturing and others involved in fighting COVID-19.
Speaking on the country’s infrastructure projects, PM said "India will launch a USD 1.35 trillion national infrastructure plan that will help generate jobs and boost the economy. The country has also announced Production Linked Incentive to consolidate our Make in India campaign in the wake of the new economic conditions that have emerged due to COVID-19. The electronic manufacturing sector stands as an example of the change that is enforced through this scheme. "
“We have introduced tax reforms that will give impetus to Ease of Living and Ease of Doing Business. Good and smart governance is required to implement the reforms. Today, the world is also witnessing how India is writing a new chapter of governance,” he added.
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Presenting the 75th Independence Day Celebration in Canada on 15 August 2021
Indians and friends of India marked the celebration of 75th Independence Day in Canada with great enthusiasm having events across Canada.
We present a vignette of the celebrations !!!
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Prime Minister Modi steps in to launch national mission to meet
USD 400 billion export target for 2021-22
Prime Minister Narendra Modi has asserted that positive signs of recovery and high growth make it the right time to set high targets for export. On 6 August 2021, in an address to businesses, exporter promotion councils and Indian Missions/Posts abroad, PM Modi laid out plans to prepare a strategy and aim for exports worth USD 400 billion in the year 2021-22.
Speaking in the backdrop of the Government's move to slash the regime of retrospective taxation, the PM explained that exporters now understand the importance of stability. He further added that this move displayed the centre's commitment to a stable investment climate and consistency on the front of policy matters.
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India welcomes all foreign investment, has a competitive corporate tax rate and has risen in Ease of Doing Business ranks : Prime Minister Modi
On 11 August 2021, Prime Minister Modi addressed business leaders of corporate India at the CII's (Confederation of Indian Industry) annual meeting where he emphasised on the role of the private sector in spurring economic growth.
PM Modi said that the government has brought in a series of changes to improve the ease of doing business in India. "India welcomes all foreign investment, has a competitive corporate tax rate and has risen in Ease of Doing Business ranks, that's why India has received record foreign direct investment flows. The country is also witnessing strengthening of cooperation between government and industry in the recent years, " he added.
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India's fast progressing in FTA discussions with UK, UAE, Canada: Minister Piyush Goyal
On 12 July 2021, Mr. Piyush Goyal, Commerce and Industry Minister, Government of India , while addressing the JITO Trade Mahakumbh, said that India was making fast progress in discussions on free trade agreements with multiple countries. "We are fast progressing in our discussions with the UK, with the UAE and other GCC (Gulf Cooperation Council) countries. Canada and Australia are really on a fast track," Minister said. He added that India was only dealing with countries that it believed would provide a fair deal and reciprocal benefits.
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High Commissioner's engagement with major stakeholders in the
India-Canada commercial corridor
On 5 August 2021, High Commissioner (HC) Ajay Bisaria had a telephonic call with Mr. Jim Keon, President, Canadian Generic Pharmaceutical Association (CGPA). A wide range of issues including India - Canada collaboration in pharmaceuticals sector were discussed. On 8 August 2021, HC had a virtual meeting with the representatives of Public Sector Pension Investment Board (PSPIB). PSPIB’s strong portfolio of investments in India, future plans and other interests were discussed. On 10th August 2021, HC had a virtual discussion with Mr. Evan Siddall, CEO of Alberta Investment Management Corporation (AIMCO). They discussed India-Canada investment opportunities. On 11 August 2021, HC delivered a keynote address in a webinar organised by NATO Association of Canada on Indo-Pacific and India's strengthening partnership with Canada. On 18 August 2021, HC participated a webinar on CUSMA on India-Canada trade talks organised by the Centre for International Governance Innovation (CIGI). On 20 August 2021, HC participated in the CII Webinar - India and North America: Economic Recovery and the G20 Agenda. The session consisted of an interactive session with Mr. Suresh Prabhu, India's Sherpa to G20. On the same day, HC attended a webinar organised by Indo-Canadian Business Chamber (ICBC) along with Hon'ble Minister Hardeep Singh Puri and Canadian pension funds. On the same day, HC had a virtual meeting with Ms. Linda Seymour, Group General Manager, Executive VP and Head of Commercial Banking (CEO-desig.) HSBC Bank Canada. India-Canada cooperation in the fintech sector was discussed. On 23 August 2021, HC held a business meeting with Mr. Blake Hutchinson, President, Ontario Municipal Employees Retirement System (OMERS) and Mr. Satish Rai, Chief Investment Officer, OMERS. Discussed investment opportunities, policy innovation in India, asset monetisation, geopolitical changes and more. On 24 August 2021, HC held a virtual discussion with Mr. Valin Rovinescu, CEO, Air Canada. Start of India-Canada direct air connectivity, mobility of Indian students and other issues were discussed. On the same day, High Commissioner, during his visit to Toronto, held a series of business meetings/discussions with relevant stakeholders in India-Canada commercial corridor.
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India approves Canada’s Fairfax Financial Holdings Ltd’s proposal to invest
USD 2.04 billion in infrastructure projects through its local arm
The Cabinet Committee of Economic Affairs (CCEA) has approved foreign direct investment (FDI) of up to USD 2.04 billion in Fairfax India’s investment vehicle Anchorage Infrastructure Investment Holding. The investment also includes transfer of shares of Bangalore International Airport Limited (BIAL) to Anchorage, and investment of USD 129.07 million in the investment arm of Prem Watsa-owned Fairfax India by Ontario Inc. Ontario Inc is a wholly-owned subsidiary of OAC (OMERS Administration Corporation), which is the administrator of one of the Canada's largest defined pension plans OMERS.
“The investment will be a major boost to the infrastructure and construction sector and also to the airport sector. The investment will considerably substantiate Government of India's plan to develop world class airport and transport related infrastructure through private partnership,” said a statement by the Ministry of Finance, Government of India.
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India welcomes Canada to the International Coalition for Disaster Resilient Infrastructure
On 5 August 2021, India has officially welcomed Canada as the latest member of the International Coalition on Disaster Resilient Infrastructure (CDRI). Canada's decision to join this Coalition comes at a crucial juncture as the world focuses on global resilience and recovery, following the collective global experience of managing the ravages of the current pandemic. India’s External Affairs Minister Dr. S. Jaishankar has thanked Canada’s Minister for Infrastructure & Communities Catherine McKenna for Canada’s strong support to the CDRI initiative and welcomed Canada as a valued and trusted partner in the coalition.
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Canada's OMERS agrees to purchase 19.4% stake in India's Azure Power
In what may rank among the largest clean energy deals in India, Canada's Ontario Municipal Employees’ Retirement System (OMERS) is set to buy around 19.36% in India's Azure Power Global Ltd. Canadian pension funds have been placing significant India bets and represent the so-called patient capital, which seeks modest yields over time. India fits the risk profile given that the markets in the country have matured from the early risk stage. This interest also comes amid a growing focus on environmental, social and governance (ESG) investing.
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India's Infosys to create 500 jobs in Canada in next three years
India's Infosys, a global leader in next-generation digital services and consulting, announced on 25 August 2021, that it will set up a digital development centre in Mississauga, and will create 500 high-quality jobs in the Toronto Region over the next three years. “We are proud to power digital Canada through the skills of the future and do our part in supporting post-pandemic economic recovery. The Toronto Region met all of our criteria when deciding where to set up the digital development centre, create new jobs and scale our business offerings,” said Ravi Kumar, President, Infosys.
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Canada's BlocPal International launch India's first phygital financial services marketplace
Canada's BlocPal International Inc., a digital transaction platform that makes financial services more affordable and accessible, has officially launched a unique physical and digital (“phygital”) financial services marketplace with its Indian subsidiary mBnk. “Launching this new phygital marketplace with mBnk is a great stepping stone in demonstrating what BlocPal is capable of,” says Vaibhav Sinha, CTO, BlocPal. “We believe mBnk and its India operations demonstrate the strength of the ability of our technology and business model to be scalable, flexible and adapt in new markets,” he added.
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Granules India gets Health Canada nod to market arthritis tablets in Canada
Drug firm Granules India, on 30 August 2021, said it has received marketing nod from Health Canada for its Acetaminophen extended-release tablets used in the treatment of arthritis pain in Canada. The company has received approval from Health Canada for Acetaminophen extended-release tablets OTC, 650 mg, Granules India said in a regulatory filing. The company will soon launch the product in Canadian market
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Canada's Rogers join hands with India's HCL to support its operational stability
India's HCL Technologies (HCL), a leading global technology company, announced Rogers Communications, a leading Canadian telecom service provider and media company, has selected HCL to expand support of operational stability excellence in business and operational support systems and corporate IT systems. This new multi-year agreement strengthens HCL’s managed services partnership with Rogers that began in 2016. HCL will help scale Rogers’ IT infrastructure and workloads migrating to the current private and public cloud infrastructure, support the enterprise’s operations, and serve as the ongoing managed services provider.
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India's Glenmark partners Canada’s SaNOtize to launch nasal spray
A nasal spray to target SARS-CoV-2 in the upper airways is likely to be available in India later this year, following a tie-up between India's Glenmark Pharmaceuticals and Canadian biotech firm SaNOtize Research & Development Corp. The exclusive, long-term alliance allows Glenmark to manufacture, market and distribute SaNOtize’s Nitric Oxide Nasal Spray (NONS) for Covid-19 in India and other Asian markets.
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Amazon launches its 5th fulfilment
centre in Telangana, India
On 5 August 2021, Amazon India stated that it is expanding its fulfilment network in Telangana by opening a new specialised centre and expanding an existing one. Amazon India's infrastructure footprint in Telangana has grown by about one million square feet, with a storage capacity of more than five million cubic feet, as a result of this expansion. Telangana's Minister for IT and Industries Mr. K T Rama Rao said Amazon India's large investment in Telangana demonstrates the state's appeal as a commercial and innovation engine. According to Amazon India, the expansion in Telangana is part of the company's aspirations to boost national storage capacity by over 40% by 2021.
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India's STL, Facebook to collaborate for
5G network development
In an effort to further boost presence into the global 5G open-source network market, STL (Sterlite Technologies) announced their collaboration with Facebook to build radio units. STL is the first Indian company to be collaborating with Facebook's Evenstar Program to provide Open-RAN radio solutions. "Investments are being made from both Facebook and STL in this regard. This is a clear collaboration of both our technology and R&D capabilities to design and build these radios," said Dr. Badri Gomatam, Group CTO, STL. Mr.Gomatam also contends that with this collaboration STL will be one of the first movers to develop and deploy the O-RAN compliant radios.
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Lenovo expands manufacturing capabilities for PCs, notebooks, smartphones in India
On 26 August 2021 Lenovo said that it is considerably expanding its local manufacturing capabilities in India across product categories such as PCs, laptops, and smartphones. “Lenovo's commitment to the government's goal of “AtmaNirbhar Bharat” (Self-Reliant India) is strengthened by these activities. They're also part of Lenovo's worldwide production and supply chain strategy, which sees the company service consumers in 180 markets from 30 manufacturing locations across the world, including Argentina, Brazil, China, Germany, Hungary, India, Japan, Mexico, and the US ” according to a release.
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USA's Berry Global announces major
healthcare investment in India
Berry Global Group, Inc., a world leader in design, development, and production of patient-centered healthcare solutions has announced plans to establish a second manufacturing facility and global healthcare center of excellence in Bangalore, India. “Investing in our global healthcare business in Bangalore is a significant step in supporting our pharmaceutical, over-the-counter, and medical device customers aligned to forecasted market needs,” remarked Tom Salmon, Berry Global's Chairman and CEO. Construction of the new facility is expected to begin later this year, with the site validated and ready for production by the summer of 2023.
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Indian economy continues to recover. GDP growth rate in Q1 2021-22 touched 20.1% #IndiaBouncesBack
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India's total FDI inflow rises 90% to USD 22.53 billion in April-June quarter
The total foreign direct investment (FDI) inflow to India grew 90 per cent year-on-year to USD22.53 billion during the first three months of the ongoing financial year. The FDI inflow was at USD 11.84 billion during April-June period of 2020. Meanwhile, the total FDI equity inflow rose 168 per cent to USD 17.57 billion during the first three months of FY22 from USD 6.56 billion in the year-ago period, the Commerce and Industry Ministry said in a release.
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In 3 months, India's manufacturing sector has grown at its fastest pace
India's manufacturing sector has grown at the fastest pace in three months. The improved demand conditions and ease of restrictions have evoked companies to create new jobs amidst the pandemic. As a result, the IHS Markit India Manufacturing Purchasing Managers' Index (PMI) increased from 48.1 in June to 55.3 in July, seasonally adjusted. A number above 50 indicates expansion, a score below 50 indicates contraction.
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India’s renewable energy capacity crosses 100 gigawatts
The total installed renewable energy capacity in India, excluding large hydro, has crossed the mile-stone of 100 GW. As of 12 August 2021, India stands at 4th position in the world in terms of installed RE capacity, 5th in solar and 4th in wind in terms of installed capacity. The achievement of installed RE capacity of 100 GW is an important milestone in India’s journey towards its target of 450 GW by 2030.
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Shipping Industry in India:
Prospects for Foreign Investors
For more information :
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Unpacking India's brave fight against COVID-19
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On 27 August 2021, India achieved the grand feat of administering
TEN MILLION DOSES in a SINGLE DAY!
#IndiaFightsCorona
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Indian scientists develop affordable test kits that can help
early detection of Mucormycosis
A group of scientists in West Bengal, India have developed an affordable diagnostic kit for mucormycosis, a fungal infection observed in patients with the novel coronavirus disease (COVID-19).
The DiAGSure Mucormycosis Detection Kit was approved by the Central Drugs Standard Control Organisation under the Directorate General of Health Services, Union Ministry of Health & Family Welfare on June 24, 2021. It works on the ‘TaqMan principle’ that increases the specificity of quantitative PCR tests, used to detect infectious diseases.
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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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