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India Canada Biz Digest
(Delivering news impacting India-Canada economic relations)
Compiled by the High Commission of India, Ottawa
October 2021
Issue 139
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Prime Minister Modi meets World Leaders at G20 Summit
On 30 October 2021, Prime Minister Narendra Modi met and interacted with world leaders, including US President Joe Biden and Canadian Prime Minister Justin Trudeau, on the sidelines of the G20 Summit in Rome. During the interaction, PM Modi exchanged pleasantries showcasing a spirit of camaraderie.
PM Modi and other world leaders also attended a session titled 'Global Economy and Global Health ' at the summit. Addressing the session, PM Modi said "To fight the global corona pandemic, we have put forward the vision of ‘One Earth – One Health’ to the world. This vision can become a great strength for the world to deal with any such crisis in future".
"Playing the role of Pharmacy of the World, India has delivered medicines to over 150 countries. At the same time, we have put all our energies into accelerating vaccine research and manufacturing. In a short span of time, we have administered over one billion vaccine doses in India. By controlling the transmission of infection in one-sixth of the world’s population, India has also contributed to making the world safer, and has reduced the chances of further mutation of the virus", he further added.
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Minister Piyush Goyal holds talks with Canada’s
International Trade Minister Mary Ng with eye on CEPA
India and Canada held ministerial-level talks aimed at thrashing out a trade deal as Commerce and Industry Minister Piyush Goyal met Canada’s International Trade Minister Mary Ng in Sorrento, Italy on 11 October 2021. They attended the G20 Trade and Investment Ministerial Meeting, and also held bilateral discussions on the margins of the event.
Minister Mary Ng tweeted that they discussed “working together towards economic recovery, which includes progressing bilateral trade, including the flow of agricultural products”.
Minister Piyush Goyal tweeted about the meeting saying talks were on “for a Comprehensive Economic Partnership Agreement (CEPA), with energy, new technologies, and manufactured goods and services being key areas for future cooperation”.
High Comminissioner Ajay Bisaria described the meeting between Piyush Goyal and Mary Ng on the sidelines of the G20 summit as “excellent” and added that the CEPA, if it is sealed, “will strengthen economic engagement”.
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PM Modi spotlights India’s role as a ‘reliable, democratic global partner’
In his address to the high-level debate at the UN General Assembly on 25 September 2021, Prime Minister Modi reaffirmed India's commitment to democracy, highlighted its great strides in developing and manufacturing COVID-19 vaccines, and warned against “countries with regressive thinking.”
The pandemic had taught the world that the global economy needs to be expanded further, he continued, stressing that for its part, India is becoming a democratic and reliable partner for global industrial diversification. Moreover, India has struck a balance between economy and ecology, and is moving forward with “great speed” on its renewable energy goals.
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Government of India launches National Single Window System (NSWS) for investors, businesses
On 22 September 2021, Minister Piyush Goyal on launched a national single window system (NSWS) that will help domestic and global investors in getting regulatory approvals in India through the online portal, which currently hosts 18 central departments and nine states. The portal will provide investors services such as know-your-approval (KYA), common registration, state registration, document repository, and e-communication. The Minister said investors will get access to all solutions at the click of the mouse through end-to-end facilitation.
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India offers a spectrum of opportunities, Minister Sitharaman tells American CEOs
Finance Minister Nirmala Sitharaman was on an official visit to USA from 11-18 October 2021 to attend the annual meetings of the International Monetary Fund and the World Bank. On the sidelines of these events, she met a host of top American CEOs with footprints in India and who have shown interest in seizing the investment opportunities in the country. The Minister, during all her interactions with the business leaders, apprised them of various flagship programmes of the Indian government under the Atma Nirbhar Bharat (Self-Reliant India).
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Indian economy to grow at 9.5% this year, 8.5% in 2022: IMF
India is poised to grow at 9.5 per cent in 2021 and 8.5 per cent in 2022, according to the latest projections by the International Monetary Fund (IMF). India's economy had contracted by 7.3 per cent in 2020 due to the impact of the COVID-19 pandemic. IMF said that the global economy is projected to grow at 4.9 per cent in 2022. "The global economy is projected to grow 5.9 per cent in 2021 and 4.9 per cent in 2022, 0.1 percentage point lower for 2021 than in the July forecast. The downward revision for 2021 reflects a downgrade for advanced economies -- in part due to supply disruptions--and for low-income developing countries, largely due to worsening pandemic dynamics," IMF said in its World Economic Outlook October 2021.
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Canada-India Bilateral Virtual Conference on Information Technology and Manufacturing - 07 October 2021
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High Commission of India in Ottawa in association with Impact Media and Events Corporation (IMEC) organised the 2nd Make in India virtual conference on IT and Manufacturing sectors on 7th October 2021. The objective of the conference was to disseminate knowledge for prospective investors and connect them with Make in India initiative boosting investment initiatives and visibility of opportunities in India in addition to fostering networks with local industry associations and trade chambers.
The event saw excellent representation of government, industry and academia to address bilateral relations and other factors of importance in the India-Canada commercial corridor. High Commissioner Bisaria made a panel address on the importance of strategic partnership between India and Canada in terms of investment, trade, technology transfer and others.
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Business Opportunities in Home Decor and
Textiles in Canada - 13 October 2021
High Commission of India in Ottawa in association with World Trade Center, Mumbai (WTC) organised a webinar on "Business Opportunities in Home Decor and Textiles in Canada" on 13 October 2021. The webinar provided an excellent platform for Indian exporters to evaluate the 'Home Decor & Textiles Market' in Canada and tailor their marketing campaign according to the Canadian market. High Commissioner Bisaria made a panel address on the current trends that are driving the home furnishing market and also urged the Indian exporters to identify specific product categories that are sought-after in the Canadian market. The highlight of the webinar was a presentation on ‘Canadian market and compliance requirements for Indian exporters’ by the Deputy High Commissioner Anshuman Gaur.
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Business Opportunities in Agro Commodities and
Food Processing in Canada - 28 October 2021
High Commission of India in Ottawa in association with World Trade Center, Mumbai (WTC) organised a webinar on "Business Opportunities in Agro Commodities and Food Processing in Canada" on 28 October 2021. The webinar provided an excellent opportunity for Indian exporters to understand the scope of demand of pertinent F&B products in Canada and tailor their marketing campaign according to the Canadian market. High Commissioner Bisaria made a panel address on the importance of promoting identified Indian F&B products in Canada while also presenting a snapshot of trade and investment linkages between both the countries. The highlight of the webinar was a presentation on ‘Canadian market and compliance requirements for Indian exporters’ by the Deputy High Commissioner Anshuman Gaur.
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High Commissioner's engagement with major stakeholders in the
India-Canada commercial corridor
On 14 September 2021, High Commissioner (HC) Ajay Bisaria had a luncheon meeting with Mr. Gordon Fyfe, CEO, British Columbia Investment Management Corporation (BCIMC) at Vancouver. They discussed India-Canada investment opportunities. On 17 September 2021, HC attended a breakfast meeting with Mr. Don Kayne, President & CEO, Canfor and Mr. Dave Dineser, CEO, Cubicfarm Systems Corporation in Vancouver. On the same day, HC attended a lunch hosted by Mr. Martin Thibodeau, Regional President BC, Personal & Commercial Banking, RBC Royal Bank. On 18 September 2021, HC attended a meeting with Dr. Nemy Banthia, CEO & Scientific Director, IC-IMPACTS and select Indian students in Vancouver. Various bilateral research opportunities and projects in S&T were discussed along with the scope to scale such ventures in the future. On 21 September 2021, HC's breakfast meeting with Mr. Neil Cunningham, PSPIB and Jas Sandhu in Montreal. PSPIB’s strong portfolio of investments in India, future plans and other interests were discussed. On the same day, HC attended a meeting with Mr. Karim Habra from France and Mr.Chan Chakravarti from India, Ivanhoe Cambridge in Montreal. On 22 September 2021, HC had a meeting with Mr. Mark Little and Ms. Martha Hall Findlay of Suncor Energy Centre in Calgary. On 29 September 2021, HC addressed the Virtual Startup Bridge Canada Explore event organised by Startup Reseau. On 7 October 2021, HC attended a Q&A session with Mr. Satish Rai of OMERS for their annual global connect virtual broadcast event (Building Tomorrow Together) for 28 October 2021. On 12 October 2021, HC attended a meeting with Mr. Charles Emond, President CDPQ and Mr. Michael Rousseau, CEO of Air Canada in Montreal. Discussed investment opportunities, policy innovation in India, asset monetisation, geopolitical changes, air connectivity and more. On 16 October 2021, HC delivered opening remarks for the virtual annual conference of ICAI Toronto Chapter. He spoke about the imperative role of Chartered Accountants on the global stage in the evolving context of taxation, accountability and investment patterns in developing and developed countries. On 20 October 2021, HC attended a CEPA (Comprehensive Economic Partnership Agreement) Leads meeting on goods, services and tariff. On 26 October 2021, HC addressed the Virtual Brand India Tour -Saskatchewan by ICBC (Indo-Canadian Business Chamber) and CGI, Vancouver.
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Canada's CDPQ becomes 20% equity owner in India's Edelweiss ARC
CDPQ Private Equity Asia has picked up a 20% equity stake in Edelweiss Asset Reconstruction Company Ltd (EARC), Edelweiss said in a statement. Besides CDPQ’s 20% equity stake, Edelweiss Financial Services holds 60% ownership in EARC and the remaining 20% is held by institutional and individual investors. In the partnership, CDPQ targets annual investments of USD 150-175 million in stressed assets and specialised corporate credit, totaling around USD 600-700 million over a four-year period. Caisse de dépôt et placement du Québec (CDPQ) is Canada’s second-largest pension fund.
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CPPIB, ADIA, Kotak and others come in as anchors for PB Fintech IPO
PB Fintech, the operator of Policybazaar and Paisabazaar, has mopped up USD 346 million from 155 anchor investors including Canada Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority (ADIA), US investment firm Fidelity, Tiger Global Investments Fund and Kotak’s pre-IPO Opportunities Fund. Other marquee investors that participated in the anchor book were Edelweiss Crossover Series III Fund, Elara Capital, Morgan Stanley Asia, New World Fund Inc, Schroder Fund, American Funds Insurance Series, Blackrock, Steadview Capital, Nomura, WF Asian Smaller Companies Fund and Goldman Sachs among others.
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India's Sun Pharma launches drug to
treat plaque psoriasis in Canada
On 28 October 2021, Indian pharma major Sun Pharmaceutical Industries Ltd said it has launched its medicine ILUMYA used in the treatment of adults with moderate-to-severe plaque psoriasis in Canada. The company said ILUMYA (tildrakizumab injection) has already completed a five-year study based on a pooled analysis of two Phase 3 efficacy and safety extension trials in moderate-to-severe plaque psoriasis.
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India's Dr. Reddy Laboratories launches generic lenalidomide in Canada
India's Dr. Reddy’s Laboratories has launched Reddy-Lenalidomide, a generic equivalent to revlimid (lenalidomide) capsules in Canada. “Our launch of Reddy-Lenalidomide represents our firm commitment to providing access to affordable medicines for Canada’s multiple myeloma and myelodysplastic syndrome (MDS) patient population,” Vinod Ramachandran, VP & GM, Dr. Reddy’s Laboratories Canada, said in a statement.
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India's first electric highway likely to connect Delhi and Jaipur
Mr. Nitin Gadkari, Union Minister for Road Transport and Highways, has said that India's first electric highway is likely to come up between Delhi and Jaipur soon. The Minister said that his department is already in talks with a foreign company to construct the highway between these two cities.
Mr. Gadkari has urged foreign investment in the highways sector and had earlier invited EU to build electric highway in the country. He said that 22 green expressways were on the anvil and work has already started on seven of them.
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India likely to launch Asia’s First
Hybrid flying car
India to launch Asia’s First Hybrid flying cars! Soon, travelling would be hassle-free in India as flying cars are going to be a reality. Recently, Civil Aviation Minister Jyotiraditya Scindia mentioned that in the near future, flying cars would be used for transporting people and cargo, as well as for providing medical emergency services. Recently, the Union Minister was introduced to the concept model of a flying car, developed by the young team of Vinata AeroMobility. Once this project takes off, it would be Asia’s First Hybrid flying car. Some of the benefits of this flying car include hassle-free commuting, entertainment on board, full GPS Enabled, better visuals, luxurious feel, etc.
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On 2 October 2021, marking Gandhi Jayanti (Mahatma Gandhi's Birthday), High Commissioner Bisaria inaugurated "#AtmanirbharBharat Corner" to showcase GI-tagged tribal art and craft products from India, for discerning consumers in Canada.
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France's Thales to put USD 1.2 billion
in India over 5 years
French aerospace and defence major Thales Group is betting big on India — especially the emerging drone space here — and has decided to invest a billion euros (about USD 1.2 billion) in the country over the next five years. Its drone offerings that range from manufacturing to traffic management and countering rogue drones — will account for a significant part of this planned mega investment. The company estimates that the current market will grow at least 6 times in the next 5-8 years.
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NITI Aayog, AWS, Intel collaborate to launch experience studio for startups in India
Niti Aayog, Amazon Web Services (AWS) and Intel have come together to establish a new experience studio that will be a hub for collaboration and experimentation. The studio has been set up at the Niti Aayog Frontier Technologies Cloud Innovation Centre (CIC) in Niti Aayog's premises in India. The facility will be a hub for collaboration and experimentation to enable problem-solving and innovation between government stakeholders, startups, enterprises, and industry domain experts, a statement said.
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India's HCL Technologies and Germany's Lendico, join forces for building solutions for SMEs
India's HCL Technologies (HCL), a leading global technology company, has entered a multi-year application services transformation partnership with Lendico, a brand of ING Germany, to deliver application and engineering services to help it create a state-of-the-art digital platform that makes business banking faster and more convenient for small- and medium-sized enterprises (SMEs). HCL will establish a tech lab in Berlin that will combine fintech mindset, agile culture and customer focus with engineering expertise, global delivery capabilities, and deep domain knowledge of financial services and risk management.
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Social marketplace Poshmark forays into India
Poshmark Inc., a US-based social marketplace for new and secondhand consumer items, forayed into the Indian market amid increasing awareness about sustainable fashion and traction for thrift shopping, particularly among millennials and Gen Z consumers. “I am thrilled to launch Poshmark in India, one of the fastest-growing e-commerce markets in the world and a country with a vibrant culture of thrifting and appreciation for sustainability,” Manish Chandra, Founder and CEO of Poshmark said at a virtual event to announce the company’s foray into India. Poshmark Inc currently has over 80 million community members across the US, Canada, and Australia and 200 million items for sale.
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UAE to invest USD 75 billion in India, partner on clean energy: Minister Goyal at Dubai Expo
The UAE Government has committed to invest USD 75 billion sovereign funds in India and the two partners have shared vision for clean energy as they are working together to start manufacturing of equipment for solar power, Commerce and Industry Minister Piyush Goyal said on 2 October 2021. Addressing a news briefing on the second day at Expo 2020 Dubai, Minister Goyal said his engagements with UAE businessmen and investors were “truly fabulous
The Minister said the UAE is an important partner of India. “Given the strong growth prospects of the Indian economy, we look forward to increased investment from the UAE in diverse sectors of India. We are sure that the world will continue to witness greater achievements in the India-UAE partnership in the future.”
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India has 87% fintech adoption rate,
highest in the world : Minister Goyal
On 30 September 2021, Commerce and Industry Minister Piyush Goyal said that India is poised to become one of the largest digital markets in the world. Virtually addressing the 2nd Global Fintech Fest-2021, the Minister said, "At 87%, India has the highest FinTech adoption rate in the world against the global average of 64%." "As of May 2021, India's United Payments Interface has seen participation of 224 banks and recorded 2.6 billion transactions worth over USD 68 billion and the highest ever, more than 3.6 billion transactions, in Aug'21," he said. "Over 2 trillion transactions were processed using the AePS (Aadhar-enabled payment system) last year," he added.
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India’s 450 GW target listed in
US ‘Energy Compact’ as climate goal
India and its 450 GW renewable energy goal determine prominently within the US authorities’ ‘Energy Compact‘ and is a part of its local weather ambitions formally submitted to the United Nations on the September 22-23 high-level dialogue on vitality.
‘Vitality Compacts’ are voluntary commitments from UN member states, setting out actions deliberate to advance clear, reasonably priced vitality for all by 2030 and internet zero emissions by 2050.
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Indian economy continues to recover.
#IndiaBouncesBack
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FDI inflows in India grow 62% during first four months of FY 2021-22
India has attracted a total Foreign Direct Investment (FDI) inflow of USD 27.37 billion during the first four months of the current financial year (FY) 2021-22 which is 62 per cent higher as compared to the corresponding period of FY 2020-21 ($16.92 billion), Ministry of Commerce and Industry said on 22 September 2021.
'Automobile Industry' has emerged as the top sector during the first four months of F.Y. 2021-22 with 23% share of the total FDI Equity inflow followed by Computer Software & Hardware (18%) and Services Sector (10%) respectively. The Ministry said measures taken by the Central Government concerning FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country.
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Indian travel market to cross
USD 125 billion by FY27
For more information :
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Unpacking India's brave fight against COVID-19
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From WHO to US Embassy: Congratulatory messages pour in as
India achieves 1 billion COVID-19 vaccines milestone
As India, on 18 October 2021, hit the one billion COVID-19 vaccination mark, wishes have poured in from across the globe. With a population of nearly 1.4 billion (around 93 crore adults), India has now administered at least one dose of vaccine to more than 75% of the adult population. Nine states and union territories have incidentally administered the first dose to all eligible people.
"Congratulations, Prime Minister Narendra Modi, the scientists, health workers and people of India, on your efforts to protect the vulnerable populations from COVID-19 and achieve vaccine equity targets," tweeted World Health Organisation Chief Tedros Adhanom Ghebreyesus in response to a commemorative post by Prime Minister Modi.
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India has developed first DNA Covid-19 vaccine,
can be given to 12 and above: Prime Minister Modi at UNGA
Addressing the 76th United Nations General Assembly (UNGA) session in New York on Saturday, Prime Minister Narendra Modi said India has developed the world’s first DNA vaccine against COVID-19, which can be administered to all people above the age of 12 years.
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World Bank congratulates India on Covid vaccination campaign
World Bank President David Malpass, on 16 October 2021, congratulated India on its successful vaccination campaign against the coronavirus disease (Covid-19) as he met Finance Minister Nirmala Sitharaman in Washington. “President Malpass congratulated Minister Sitharaman on India’s COVID-19 vaccination campaign and thanked Minister Sitharaman for India’s international role in vaccine production and distribution,” the World Bank said in a statement.
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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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Resumption of
India-Canada direct flights
For more information :
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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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