India Canada Biz Digest
 (Delivering news impacting India-Canada economic relations)

Compiled by the High Commission of India, Ottawa 

December 2021
Issue 140

India’s digital public infrastructure solutions can improve lives
around the world: Prime Minister Modi

On 2  December 2021, Prime Minister Narendra Modi inaugurated InFinity Forum through video conferencing. The event was hosted by International Financial Services Centres Authority under the aegis of Government of India in collaboration with GIFT City and Bloomberg. Indonesia, South Africa and the U.K. were partner countries in the first edition of the Forum.

Prime Minister Modi said that India has proved to the world that it is second to none when it comes to adopting technology or innovating around it. He said, transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance.

Minister Piyush Goyal holds talks with Canada’s
International Trade Minister Mary Ng to discuss key bilateral ties

On 22 December 2021, India and Canada held ministerial-level talks and welcomed negotiations toward a India-Canada comprehensive economic partnership agreement and a India-Canada foreign investment promotion and protection agreement, and committed to working closely together to reach agreements in the coming months.

Both Ministers had a great interaction on boosting trade ties across key sectors between India & Canada and deliberated on ways to fast-track trade negotiations and further discussed key bilateral issues.

Prime Minister Modi lays foundation stone of projects worth over USD 2.35 billion in Uttarkhand, India

Prime Minister Narendra Modi laid the foundation stone for projects worth over USD 2.35 billion in Uttarkhand on 20 December 2021. He unveiled a number of initiatives, including the inauguration of six projects for USD 459.7 million and the laying of the foundation stones for another 17 projects worth USD 1.91 billion.

Three enlarged parts of the Chardham all-weather road, the Nagina-Kashipur National Highway, the Suring Gad hydel project, and sewage works under the Namami Gange programme in Nainital are among the projects that have been launched.

India introduces USD 10 billion
red carpet for chip makers

On 15 December 2021, Government of India cleared a comprehensive USD 10-billion package to build a much-needed semiconductor ecosystem in the country. The incentives will be extended to a range of new units -- greenfield chip fab and display fab units, apart from compound semiconductor and ATMP (assembly, testing, marking, and packaging) facilities.

Semiconductor and display fab units under the scheme will be offered financial support of up to 50% of the project cost. This will be given to eligible players that have the technology, as well as the capacity to execute such high capital and resource incentive projects.

India received record FDI in last 7 years, hope to see the trend continue: Minister Goyal

India attracted "record" foreign direct investments in the last seven years and the trend is expected to continue in the coming years as well on account of major structural reforms being undertaken by the government, Commerce and Industry Minister Piyush Goyal said on 16 November 2021 .

"Last seven years, we have seen record FDIs (Foreign Direct Investments). I hope to see that continue, looking at major structural reforms being undertaken. This pick up in economic activity is here to stay and the future looks to be extremely bright," he said at industry body CII's National Conference on MNCs 2021. FDI inflows into the country rose 62 per cent to USD 27 billion during April-July period of 2021.

India-Canada Bilateral Virtual Conference on Infrastructure - 17 December 2021

High Commission of India in Ottawa in association with Impact Media and Events Corporation (IMEC) organised the 3rd Make in India virtual conference on Infrastructure on 17 December 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 and industry to address bilateral relations and other factors of importance in the India-Canada commercial corridor. Acting High Commissioner Anshuman Gaur made a panel address on the importance of strategic partnership between India and Canada in terms of investment, trade, sectorial opportunities and others.

Business Networking Reception for incoming NASSCOM delegation - 24 November 2021

On 24 November 2021, High Commission of India in Ottawa in association with Indo Canada Ottawa Business Chamber (ICOBC) organised a business networking reception for the incoming NASSCOM delegation at 'Host India' in Ottawa. The delegation was led by Mr. Shivendra Singh, Vice President & Head, Global Trade Development, NASSCOM.  High Commissioner Ajay Bisaria addressed the power-packed networking session attended by technical leaders, Government officials, investors and Ottawa city tech firms. Hon. Jim Watsan, Mayor of Ottawa and Hon. Chandra Arya, Member of Parliament also addressed the gathering. The event was moderated by the Deputy High Commissioner Anshuman Gaur.

High Commissioner's engagement with major stakeholders in the
India-Canada commercial corridor

On 16 November 2021, High Commissioner (HC) Ajay Bisaria attended a meeting with Mr. John Graham, President & CEO, CPPIB in Toronto. On 17 November 2021, HC hosted a breakfast meeting with Mr. Evan Siddall, CEO, AIMCO. On the same day, HC had a virtual discussion with Mr. Jo Taylor, President & CEO, Ontario Teachers' Pension Plan. The Canadian funds' strong portfolio of investments in India, future plans and other interests were discussed. On 02 Dec 2021, HC held a virtual meeting with Mr. Michael Wissell, Chief Investment Officer, HOOPP and Mr. Jas Sandhu, President, Brixton Properties Inc. On 03 Dec 2021, HC attended the NATO Association of Canada Indo-Pacific Conference along with Ambassadors from Japan and New Zealand. On 08 Dec 2021, High Commissioner made a keynote address through a video message at the Startup Bridge Canada Explore Cohort Session organized by Startup Reseau.

Startup-India and TBDC launch Indo-Canada bridge program to support
Indian start-ups in their expansion in Canada

Government of India supported Startup India and Canada-based incubator Toronto Business Development Centre (TBDC) have launched a programme to help Indian startups looking to expand in the Canadian and North American markets in Canada.

“Canada has always been one of the top choices for Indian founders and businesses. The deep cultural and political ties have also been strengthened by the growing network of official dialogues, agreements, memoranda of understanding and working groups. Moreover, many of the country’s universities are offering a world-class education at far more affordable rates. It can attract and retain a highly skilled and highly-educated workforce and we are confident that the program will bridge the gaps between Indian startups and the opportunities in the global market especially in Canada and North America,” said Mr. Vikram Khurana, Chairman of TBDC.

On 13 Dec 2021, Hon. Mary Ng Minister of International Trade, Export Promotion, Small Business and Economic Development, Government of Canada addressed the inaugural session of the Partnership Summit 2021 organised by Confederation of Indian Industry (CII) and Ministry of Commerce, Government of India.

Canada's CPPIB and Ontario Teachers' Pension Plan bag NHAI's maiden InvIT

The Canadian Pension Plan Investment Board and Ontario Teachers’ Pension Plan will be the anchor investors of the much-awaited Infrastructure Investment Trust (InvIT) of the National Highways Authority of India (NHAI), and will pick up 25 per cent equity each in the USD 810 million fund.

Launched as part of the National Monetisation Plan (NMP) to monetise the NHAI’s road projects, the InvIT has an initial portfolio of five operating toll roads located in Gujarat, Karnataka, Rajasthan, and Telangana with an aggregate length of 390 kilometers. Additionally, the NHAI has granted new concessions of 30 years for these roads.

 Canada's CPPIB and India's Phoenix Mills Ltd. collaborate to develop mixed-use
asset in Mumbai, India

On 15 November 2021, Canada Pension Plan Investment Board (CPP Investments) and Phoenix Mills Limited (PML) announced a new joint venture to develop an office-led mixed-use asset in Lower Parel, Mumbai. The asset forms part of a larger mixed-use development at Phoenix Palladium, Mumbai.

CPP Investments will commit to investing approximately USD 183 million in tranches, for an ultimate equity stake of 49% in the entity, known as PCREPL, that will own the asset. With the funds invested by CPP Investments and PML, PCREPL will develop office space with a potential leasable area of approximately one million sq. ft. and flagship retail space with a potential leasable area of approximately 0.2 million sq. ft.

Apple investing significantly to grow
its operations in India

Apple Inc., one among the world’s most valuable companies with a market cap of over USD 2.5 trillion, said it is investing significantly to develop its operations further in the country and engage with more suppliers. “Apple has been operating in India for more than two decades, and in 2017, we began manufacturing iPhones at a facility here in Bengaluru. Since then, we've expanded to Chennai, manufacturing several iPhone models for the domestic market and for export,” said Ms. Priya Balasubramaniam, VP, Operations, Apple.

Fox Corporation tap into India for
the best talent with technology

Fox Corporation continues to increase digital talent across its brands with the announcement of its recently established technology presence in India. India has long been known as a hub for technology innovation, and investment in the region will propel the strong growth trajectory of FOX’s current and future digital offerings as well as its technology-first approach. FOX is leading in low latency 4k high resolution streaming and innovating in the rapidly evolving gaming, social, NFT and blockchain sectors.

Intel planning semiconductor manufacturing unit in India as govt rolls out incentives

Global chipmaker Intel is aiming to open a semiconductor manufacturing facility in India. The move by the US-based chipset giant comes on the heels of Indian government's recent decision on semiconductors, which will support research and innovation in the industry as well as enhance production, bolstering the 'Aatmanirbhar Bharat' programme. Ashwini Vaishnaw, India's Minister of IT and Electronics, tweeted to welcome Intel to the country.

With 44 startups that have made it to the unicorn club, it’s raining unicorns in India in 2021. Watch the ‘Year of Unicorns’

Starlink to explore telco tie-up for
broadband in India

Elon Musk-led SpaceX’s satellite broadband arm Starlink is planning to explore collaboration with telecom companies in India to expand broadband services in the country with a focus on rural areas.  Mr. Sanjay Bhargava, Starlink Country Director, India at SpaceX told that discussions with broadband service providers will start once the 12 Phase-1 aspirational districts are identified by the NITI Aayog and the company will see the interest levels of the various players and the Universal Service Obligation Fund.

Accenture and Microsoft expand
support to 10 start-ups in India

Accenture and Microsoft in India are helping 10 start-ups that emphasis on social impact and sustainability, by assisting them to scale their budding solutions and business models. The joint programme, called Project Amplify, is Asia Pacific-wide and accelerates the growth of 33 start-ups from across the region. Start-ups from India participating in Project Amplify consist of Jaljeevika, eKutir, Everwell, Fluxgen, Docturnal, BrainSight AI, Fresh on Table, FreshR, Rocket Learning and Blink Foundation.

Indian FinTech transactions market to grow at CAGR 49.13% through to FY2027

Indian FinTech transactions market stood at USD 766.90 billion in FY2021 and is forecast to grow at a CAGR of 49.13% through to FY2027 as advancements in financial technologies and digital enhancements have brought significant changes in the money regulation industry of the country.
“The advancement of technology has become the key enabler of e-commerce which is expected to boost the India FinTech transactions market in the forecast period as online payment modes are mostly used in the digital shopping platform,” said the report “India FinTech Transactions Market”.

India set to achieve 50% clean energy
share before 2030 deadline

India is likely to achieve the target of 50% share of energy from non-fossil fuels and also the 500-gigawatt (GW) renewable energy capacity prior to the deadline of 2030 set by Prime Minister Mr. Narendra Modi, stated Power and New & Renewable Energy Minister Mr. R K Singh.

Mr. Singh stated, “We are working hard for the Prime Minister's target of 500 GW from renewable energy by 2030. We had said we will do 40% (energy from non-fossil fuel) by 2030. We have reached 39%. We will definitely attain the 50% target by 2030. The Prime Minister has given the target till 2030, we will achieve...before that.”

 Indian economy continues to grow !

India to provide affordable, sustainable technology enabled solutions
to the world: Prime Minister Modi

Prime Minister Narendra Modi stated in a message during the India Mobile Congress virtual event that the world is looking to India to supply affordable and long-term technology-enabled solutions. From 5G technology to artificial intelligence, virtual reality, cloud, internet of things, and robots, the world is looking at India for technology-enabled solutions that are both affordable and long-term. India is on track to become the 'Techade' in this decade, with one of the most vibrant ecosystems for technology innovators and start-ups. India's IT and telecom sectors have played a critical part in the country's development and are prepared to lead the country to a brighter future.

India to have 228 million social commerce consumers by the tip of 2022

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