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India Canada Biz Digest
(Delivering news impacting India-Canada economic relations)
Compiled by the High Commission of India, Ottawa
February 2022
Issue 141
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Prime Minister Narendra Modi delivers the 'State of the World' special
address at the World Economic Forum’s Davos Agenda
Prime Minister Narendra Modi delivered the 'State of the World' special address in Davos on 17 January 2022 via video conferencing. The address was part of the World Economic Forum's Davos agenda. During his speech, he talked about some of the pressing issues like Covid-19, climate change, cryptocurrency, reforms and initiatives taken by Government of India for 'Ease of Business.'
India is now fully capable of becoming a reliable partner in the Global Supply Chain, the Prime Minister said. India is also establishing free trade agreements with multiple countries at the moment. The Prime Minister then said, it is the best time to invest in India as the youth of Indian youth has a high zeal for entrepreneurship. "In 2014, there were only 100 startups in India but today the number is over 60,000. The youth of India is totally ready to facilitate investments and make global businesses reach new levels in the country, " the Prime Minister added.
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Minister Piyush Goyal holds talks with Canada’s
International Trade Minister Mary Ng to discuss key bilateral ties
On 24 February 2022, India and Canada held ministerial-level talks and welcomed negotiations toward an India-Canada comprehensive economic partnership agreement and an India-Canada foreign investment promotion and protection agreement, and committed to working closely together to reach agreements in the coming months.
Both Ministers looked forward to their participation in the first Canadian Women-only Virtual Business Mission to India on March 7th, organized by the Asia-Pacific Foundation Canada, in partnership with the Canada-India Business Council, and supported through the Government of Canada’s Women Entrepreneurship Strategy (WES).
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.
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Minister Piyush Goyal addresses the 6th International Conference on Pharmaceutical & Medical Device Sector
Addressing the 6th International Conference on Pharmaceutical & Medical Devices Sector, Minister of Commerce & Industry, Government of India, Mr. Piyush Goyal called upon the Indian pharmaceutical and health care sector to adopt best practices in terms of quality, facility and commitment to maintain high standards. Addressing the event, he said that everybody should collectively ensure that the nation will have good manufacturing practices. The entire health ecosystem should provide confidence to the world that India is the place you should look at for anything to do with health and is the one stop solution.
The Minister said that India is well on the path to come out of the COVID-19 pandemic and the Pharma industry is well on the path to grow out of the COVID-19 pandemic. He said that the Pharmaceutical industry provided 3 V's: - Ventilators - Vaccines - V-shaped recovery, and these three V's are reflective of the strength of the industry. “As PM Mr. Narendra Modi says, let us convert this COVID-19 pandemic into an opportunity, and nobody is better poised to do that than the Pharma industry.”, he added.
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Prime Minister Narendra Modi hosts
first India-Central Asia Summit
Prime Minister Narendra Modi, on 27 January 2022, emphasized on the need for India and Central Asian countries to define an ambitious vision for the coming years as he acknowledged the completion of 30 “fruitful” years together.
Hosting the first India-Central Asia Summit in a virtual format, PM Modi in his initial remarks said, “Our cooperation has achieved many successes over the past three decades. "And now, at this crucial juncture, let us define an ambitious vision for the coming years as well," he added.
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Indian economy growing at 9.2%, among fastest-growing large economies
The Indian economy is growing at 9.2 per cent and is expected to grow at similar rates in the coming years, NITI Aayog CEO Amitabh Kant said on 21 February 2022.
While referring to the government’s production linked incentive (PLI) scheme for sunrise sectors, Kant said it will add USD 520 billion to India’s output in the next five years and make India a part of the global supply chain.
The country has taken several measures to maximize efficiency and several reforms have been taken by the government in that direction such as GST, Insolvency & Bankruptcy Code, lowering of corporate taxes, etc, he said at an AIMA event.
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Presentation on India's Union Budget 2022-23: Opportunities for Canadian investors
Organized by HCI, Ottawa in association with
Invest India on 10 February 2022
Link to Presentation by Invest India:
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India-Canada Bilateral Virtual Conference on Healthcare
and Pharmaceutical sectors - 25 February 2022
High Commission of India in Ottawa in association with Impact Media and Events Corporation (IMEC) organised the 4th Make in India virtual conference on Healthcare and Pharmaceutical sectors on 25 February 2022. 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. High Commissioner Ajay Bisaria made a panel address on the importance of strategic partnership between India and Canada in terms of investment, trade and sectorial opportunities in the Indian healthcare and pharma markets for Canadian investors.
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Workshop on Business Opportunities in Canadian
Pharmaceutical Market - 28 January 2022
High Commission of India in Ottawa in association with Pharmaceuticals Exports Promotion Council of India (Pharmexcil) organized a workshop on growth trends in Canadian pharmaceutical market on 28 January 2022.
The workshop provided an excellent opportunity for Indian exporters to understand the scope of demand of pharmaceutical 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 pharmaceutical products in Canada while also presenting a snapshot of trade and investment linkages between both the countries. Mr. Uday Bhaskar, Director-General, Pharmexcil made opening remarks. Mr. Umesh Kumar, Director, CellChem Pharmaceuticals Inc. (Ottawa) provided an insight into doing business in the Canadian pharmaceutical sector. The highlight of the workshop was a presentation on ‘Canadian market and compliance requirements for Indian exporters’ by the Deputy High Commissioner Anshuman Gaur.
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National Tourism Day India 2022
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Celebrating National Tourism Day, High Commission of India organized a photo exhibition which was inaugurated by Deputy High Commissioner Anshuman Gaur on 25 January 2022. The week-long exhibition highlighted UNESCO Heritage sites in India In addition, a documentary highlighting UNESCO Heritage Sites of India & other significant tourism locations was webcast.
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High Commissioner's engagement with major stakeholders in the
India-Canada commercial corridor
On 05 January 2022, High Commissioner (HC) Ajay Bisaria called on Foreign Secretary, Government of India Mr. Harsh V Shringla in New Delhi, India. They discussed ways of strengthening ties between India & Canada. On 06 January 2022, HC met Ms. Nadira Hamid, CEO of Indo Canadian Business Chamber and Mr. Andrew Smith, Trade Commissioner at the Canadian High Commission in India. They exchanged views on new initiatives for 2022 in the India-Canada economic Corridor. On 08 January 2022, HC called on Finance Minister Ms. Nirmala Sitharaman and discussed pathways to step up Canadian investment into India. On 15 January 2022, HC welcomed H.E. Cameron MacKay, High Commissioner of Canada to India on his new assignment in New Delhi, and said that he looks forward to strengthening bilateral ties between India & Canada. On 08 February 2022, HC held a meeting with Mr. Gordon McKenzie, President & CEO Canpotex. Both short-term and long-term requirements of sourcing potash supplies from Canada to India were discussed. On the same day, HC held a virtual meeting with Dr. Harinder P.S. Ahluwalia, President, Info-Electronics Systems. Discussed bilateral knowledge partnerships, tech collaboration potential in meteorology, climate science and manufacturing. On 10 February 2022, HC held a meeting with Ms. Christine Nakamura, Vice President of Asia Pacific Foundation of Canada in Toronto. Discussed bilateral issues and other factors of importance in the India-Canada commercial corridor. On 23 February 2022, HC met with Mr. Michael Coe, Director, Government & Public Affairs, OTPP. The Canadian fund's strong portfolio of investments in India, future plans and other interests were discussed.
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PM Gati Shakti National Master Plan (NMP)-22 Greenfield Expressways, 23 key infrastructure projects, 35 Multi-Modal Logistics (MMLPs) & other highway projects proposed for improving multi-modal connectivity
For more information :
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India's HCL Tech expands reach in Canada with new engineering and R&D center
India's HCL Technologies (HCL), a leading global technology company, has opened its Innovation Center focused on Engineering and R&D services in Edmonton, Alberta, Canada. Bringing together an ecosystem of partners from academia, government institutions, startups and technology providers, HCL’s Innovation Center will serve as a hub for HCL Engineering teams to co-innovate with customers and solve complex business problems for clients globally.
The Edmonton Center will house an engineering and co-innovation lab, which will enable high tech and software clients, including Fortune 100 leaders, to not only envision their products, but also to see rapid product prototyping, collaborative research and continuous learning to create faster time to market.
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India's TCS becomes the title sponsor and technology partner of Toronto
Waterfront Marathon
India's Tata Consultancy Services (TCS) announced that it has partnered with the Canada Running Series (CRS) as the new title sponsor and official IT services and technology consulting partner of the Toronto Waterfront Marathon and Virtual Race through November 2026.
The partnership is aimed to modernize marathon running in Canada through a new official race app. The app’s features include first-of-its-kind environmental impact calculator that will enable runners and spectators to track and offset their environmental impact. TCS will also work with CRS to create a hybrid and immersive race experience for all runners and spectators around the globe.
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Google to invest up to USD 1 billion in Airtel, to co-create India-specific 5G use cases
Google and India's Airtel have agreed to a long-term, multi-year partnership to help India's digital ecosystem grow faster. Google plans to contribute up to USD 1 billion as part of its Google for India Digitization Fund, which comprises both equity and a corpus for prospective commercial deals to be identified and settled on mutually agreeable terms over the next five years. Both businesses have decided to work together to study and invest in a wide range of sectors in order to develop digital solutions that are specifically tailored to India's needs.
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Walmart invites Indian sellers to expand overseas via its US marketplace
Walmart, the world's largest retailer, is now accepting applications from chosen Indian vendors to join Walmart Marketplace, a curated sellers network that serves over 120 million US customers each month. This effort builds on Walmart's 20-year relationship with Indian exporters. Walmart has set an ambitious target of exporting USD 10 billion from India each year by 2027, making it one of the company's top sourcing markets. Walmart is looking for new Indian merchants as part of a global push to entice overseas sellers and increase the Marketplace's product offerings.
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India, UAE sign Comprehensive Economic
Trade Partnership Agreement
India and the United Arab Emirates (UAE) signed a bilateral “comprehensive” trade pact on 18 February 2022. Announcing the Comprehensive Economic Partnership Agreement (CEPA), the biggest trade pact of the last seven years. “This agreement will herald a new age in our financial relations. Our trade in the next five years will increase from USD 60 billion to USD 100 billion,” said Prime Minister Modi, thanking Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan who participated in the summit virtually. Commerce and Industry Minister Piyush Goyal said the CEPA would have strong anti-dumping measures.
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Canada relaxes COVID testing rules
to ease travel from India
For more information :
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IBM opens cyber security hub in India
IBM has opened a new cyber security hub in India to help enterprises in Asia-Pacific guard against cyber attacks, which have intensified across the region. Speaking at the launch of the hub, Sandip Patel, Managing Director, IBM India and South Asia, said the facility – the first of its kind in the region – is a major investment that will provide hands-on training for business and technology teams to help them strengthen their organization's security posture, as well as identify, manage and mitigate cyber attacks.
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India's Reliance Industries arm acquires battery tech firm Faradion in U.K
Reliance New Energy Solar Ltd (RNESL), a subsidiary of Reliance Industries Ltd (RIL), has signed a definitive agreement to purchase a 100% share in Faradion Limited in the United Kingdom for GBP 100 million (USD 134.72 million). Faradion is one of the leading global battery technology businesses and has a competitively superior, strategic, wide-reaching, and large IP portfolio spanning numerous elements of sodium-ion technology.
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Sixty percent of Indian firms to combine human expertise with AI by 2026
By 2026, almost 60% of business organizations in India will combine human expertise with artificial intelligence (AI), machine learning (ML), natural language processing (NLP) and pattern recognition. The report released by the International Data Corporation (IDC) further elaborated that organizations deem this move will make their workforce 20% more productive and effective and augment foresight in business. IDC has also predicted that by 2024, tech security will be a key aspect that organizations will be focusing on, as 35% of the security budget will be dedicated towards cross-technology ecosystems/platforms designed for rapid consumption and unified security capabilities to drive agile innovation.
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India delivers 40,000 metric tonnes of fuel
to Sri Lanka to help ease energy crisis
On 15 February 2022, India delivered 40,000 metric tonnes of fuel to Sri Lanka to help ease the energy crisis faced by the island nation.
“India a committed partner and a true friend of Sri Lanka. The High Commissioner of India to Sri Lanka, Mr. Gopal Baglay handed over 40,000 MT fuel consignment by Indian Oil Company,” a statement issued by the High Commission of India in Sri Lanka said.
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Indian Economy continues to grow !!!
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Indian IT sector growing at almost twice the rate of economy
The IT industry is predicted to grow at over double the rate of the Indian economy in FY22. Based on the success of the first nine months of the year and predictions for the current quarter, industry group Nasscom forecasts a 15.5% increase in IT revenue to USD 227 billion in 2021-22. On the other hand, India's GDP is predicted to rise at a rate of 8% to 9% this year. This IT revenue growth is the highest in a decade, and the revenue will surpass that of last year by at least 30%. The sector contributed 9% to the national GDP and accounted for 51% of all service exports.
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Investment Opportunities in
India’s Digital Infrastructure
Worth USD 23 Billion
For more information :
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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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