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India Canada Biz Digest
(Delivering news impacting India-Canada economic relations)
Compiled by the High Commission of India, Ottawa
April 2024
Issue 150
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India continues to be the fastest-growing economy, outpacing IMF growth predictions
India is ‘easily’ the fastest growing economy in the world, IMF Executive Director Krishnamurthy Subramanian said, as the country’s third-quarter GDP growth blew past analysts’ estimates. At 8.4%, India’s economy expanded at its fastest pace in six quarters, on strong private consumption and upbeat manufacturing and construction activity. Reuters estimates had pegged growth in the October to December period at 6.6%.
The Indian government also raised its GDP growth outlook for fiscal year 2023-24 to 7.6% from 7.3% forecast earlier. Subramanian said that growth in India’s economy was driven by a shift in the government’s focus towards higher capital expenditure, which has increased significantly over the last few years. The Ministry of Finance, Government of India presented a fiscally prudent interim budget in early February, estimating that fiscal deficit for the financial year 2025 will narrow to 5.1% from the revised 5.8% for 2024, while emphasizing the government’s plan to boost spending on infrastructure.
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Over the years, India has become a premier and attractive destination for travelers from across the globe to attain best-in-class clinical treatment, recharge, and rejuvenate.
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India-Canada Tech & Innovation Roundtable – 20 March 2024
High Commission of India in Ottawa, in partnership with the Canada-India Business Council (C-IBC), hosted a " Tech and Innovation Roundtable " on 20 March 2024, in Montreal, Canada. High Commissioner (HC) Sanjay Kumar Verma made special remarks at the event. The event was moderated by Mr. Victor Thomas, CEO & President, C-IBC. Representatives from major Canadian organizations such as Business Development Bank of Canada (BDC), Nord Quantique, Thorasys, Oneka Technologies, among others attended the roundtable.
The High Commissioner also conducted focused sector-specific discussions and one-on-one meetings alongside the event, encouraging Canadian investment in India's tech industry. The goal of the event was to raise awareness among Canadian companies about business and investment prospects in India, foster partnerships, and inform them about significant opportunities within India's dynamic IT market.
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India-Canada Agribusiness Virtual Seminar - 26 March 2024
High Commission of India in Ottawa, in partnership with the Indo Canadian Business Chamber) (ICBC), hosted India-Canada Agribusiness Virtual Seminar on 26 March 2024, in Montreal, Canada. High Commissioner (HC) Sanjay Kumar Verma made special remarks at the event. Mr. Burjis Godrej, Executive Director of Godrej Agrovet Ltd, gave a presentation on Godrej's operations in the agricultural and agri-tech areas in India. The event was moderated by Ms. Nadira Hamid, CEO, ICBC. Over 30 representatives from major Indian and Canadian public and private stakeholders participated in the event.
Discussion focused on current trends and future scope of India-Canada agri-trade, agri-tech and R&D collaborations. Untapped opportunities for Canadian investments in the agri and food processing sectors in India were also highlighted. The event witnessed an interactive Q&A session where the High Commissioner answered questions regarding technology transfers, exchange of best practices, international business protocols and key indicators in Indian business market, trade opportunities and the potential for productive collaborations in agri and agri-tech sectors in India.
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High Commissioner's Visit to Saskatchewan - April 2024
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High Commissioner (HC) Sanjay Kumar Verma had a productive meeting with Hon. Scott Moe, Premier of Saskatchewan, and Hon. Jeremy Harrison, MLA, in Regina. A wide range of issues were issued to intensify India’s engagement with Saskatchewan. Consul General Manish also joined the meeting.
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High Commissioner (HC) Sanjay Kumar Verma and Consul General Manish met with Hon. Sandra Masters, Mayor, City of Regina. Their discussions focused on a range of issues of interest, including enhancing economic engagements between Regina and India, students and diaspora matters & cultural connection.
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High Commissioner (HC) Sanjay Kumar Verma met with Hon. Randy Weekes, Speaker of Saskatchewan Legislative Assembly, and Hon. Gary Grewal, MLA, during his visit to Regina. Consul General Manish was present during the interaction. Issues related to strengthening cooperation between India and Saskatchewan were discussed during the meeting.
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High Commissioner (HC) Sanjay Kumar Verma and Consul General Manish met with Hon. David Marit, Minister of Agriculture, Hon. David Morgan, MLA & Provincial Secretary, and Hon. Richelle Bourgoin, Deputy Minister of Immigration and Career Training, Government of Saskatchewan, in Regina. Their discussions were focused on agri-trade, agri-tech, post-harvest tech, mobility of skilled people, and student issues.
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High Commissioner (HC) Sanjay Kumar Verma and Consul General Manish met with Ms. Renata Bereziuk, Executive Director, Innovation Saskatchewan in Regina, and discussed potential for cooperation in areas of research, innovation, technology collaboration, and startups.
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The One District One Product (ODOP) initiative, implemented by the Government of India, seeks to identify and promote unique indigenous products from different districts across the country.
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Canada's Brookfield plans USD 10 billion investment in India's real estate sector over the next 3-5 years
Brookfield Asset Management, a leading global institutional investor, is set to inject over USD 10 billion into India's real estate sector over the next three to five years. This ambitious investment strategy aims to seize the burgeoning opportunities presented by India's dynamic real estate market. Mr. Ankur Gupta, Managing Partner and Head of Real Estate for Asia Pacific at Brookfield, expressed confidence in India's growth potential, reaffirming the firm's dedication to pursuing strategic avenues for expansion. Currently managing a portfolio exceeding 51 million sq ft across seven major Indian cities, Brookfield is poised to double its real estate assets under management (AUM) within the specified timeframe. Brookfield's roadmap for growth in India revolves around diversification and expansion across residential, industrial, and retail segments.
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Canada's CPPIB and OTPP invest USD 438 million
in India's National Highways Infra Trust
Two big Canadian pension funds invested a total of USD 438 million in India's National Highways Infra Trust (NHIT) in March 2024, dialling up their bets on India’s booming infrastructure sector.
In the trust backed by the Indian government for developing national highways, the Canada Pension Plan Investment Board (CPPIB) and the Ontario Teachers' Pension Plan Board (OTPP) invested USD 218.6 million and USD 219.4 million, respectively, the funds said in separate statements on 19th & 20th March 2024.
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Canada-based Fairfax notches up 20% plus
returns on investments in 6 Indian companies
Investments in Digit, IIFL Finance, CSB Bank, NSE, Fairchem Organics and 5paisa have fetched handsome returns for Canada-based Fairfax Financial Holdings (FFH), generating a compounded annualised return of over 20 per cent.
Fairfax India’s investment in the National Stock Exchange got it a return of 33.4 per cent. It had picked up 1 per cent stake in NSE for USD 27 million in July 2016. The fair value of this investment was USD 189 million as at December-end 2023. All the investments of Fairfax India (FI) are centrally managed by Hamblin Watsa Investment Counsel Ltd., a wholly owned subsidiary of FFH.
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OTPP backed Mahindra Susten to invest USD 150 million
in green energy projects in India
Tech-to-tractor conglomerate Mahindra Group will invest about USD 145 million to set up solar and wind energy projects of 150 megawatt (MW) hybrid capacity in India, it said on 15 April 2024.
The projects will be developed by the group's renewable energy unit Mahindra Susten with Ontario Teachers' Pension Plan Board, one of Canada's largest pension funds, as its strategic partner. Mahindra & Mahindra will also acquire a 26% stake in its solar power generating unit Gelos Solren for USD 4.8 million, taking the combined investment to nearly USD 150 million.
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Canada's BCIMC expects Asia to drive emerging
market growth, with India as a key player
Asia is one of the most geographically important regions in British Columbia Investment Management Corporation’s (BCIMC), global emerging markets (GEM) portfolio. Asian countries combined currently account for approximately 73% of the global emerging markets active internal equity portfolio, said Mr. Caglar Somek, Director, Global Emerging Markets at BCIMC.
"Examples of significant country allocations within EM public equities include India, South Korea, and Taiwan. Not only is India growing faster than most emerging markets, but it has surpassed China for the world’s largest population and was named the 5th largest economy by GDP globally, overtaking the United Kingdom,” Mr. Somek added.
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India’s Reliance Industries buys its first Canadian crude from Trans Mountain Pipeline
Reliance Industries has bought 2 million barrels of Canadian crude from Shell for July delivery, marking the Indian refiner’s first oil purchase from Canada’s new Trans Mountain pipeline, according to Reuters.
Shell will perform ship-to-ship transfers to move about four 500,000-barrel cargoes of Access Western Blend (AWB) onto a Very Large Crude Carrier and ship the oil to the Sikka port, where Reliance operates the world’s biggest refining complex.
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Why India ?
Land of unlimited opportunities
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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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A global event to facilitate partnerships between Indian and international businesses and investors, World Food India (WFI) 2024 is a gateway to the Indian food economy, organized by the Ministry of Food Processing Industries, Government of 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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