New Delhi: India sees significant scope to deepen collaboration with Canada in critical minerals, mineral processing technologies, clean energy and nuclear energy, Commerce and Industry Minister Piyush Goyal said on Monday. Addressing the Indo-Canadian Business Chamber in New Delhi, he said India also offers strong advantages in emerging technologies such as artificial intelligence, quantum computing, machine learning and next-generation data centres, supported by “the world’s largest annual pool of STEM graduates”.
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Goyal said Canada and India are “natural allies” whose complementary strengths create “significant opportunities for businesses and investors in both countries”. He added that the partnership is “grounded in mutual trust, democratic values and a shared commitment to development”, with steadily growing engagement across trade, investment and emerging sectors.
He highlighted that India’s national power grid of 500 GW — including 250 GW of clean energy — provides the resilience required for AI-driven infrastructure. India’s ambition to double clean energy capacity to 500 GW by 2030, he said, positions the country as a trusted and sustainable partner, noting that India is among the few democracies capable of offering “genuine 24-hour clean energy at globally competitive rates”.
Referring to the recent meeting between Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney at the G20 Summit, Goyal said both leaders agreed to start negotiations for a “high-ambition” Comprehensive Economic Partnership Agreement (CEPA) and to double bilateral trade by 2030. CEPA, he said, reflects trust, strengthens investor confidence and provides a robust framework to address issues on the basis of “mutual respect.”
Goyal also noted the seventh Ministerial Dialogue held earlier this month with Canada’s Minister of International Trade, where the two sides agreed to revive business-to-business engagement and explore two-way business delegations. He welcomed the steady flow of Canadian investments into India, particularly by Canadian pension funds, and the growing interest of Canadian companies in expanding their India presence.
He said India’s economic fundamentals have strengthened significantly, with the country moving from the “Fragile Five” to among the world’s top five economies. India is expected to become the world’s third-largest economy in the next 2–2.5 years, he said, supported by low inflation, a strong banking system, high foreign exchange reserves, robust infrastructure development and a vibrant capital market. He pointed out that India’s stock market has grown nearly four-and-a-half times in 11 years, reflecting investor confidence.
Goyal said India’s development model rests on macroeconomic stability, inclusive and sustainable growth and welfare measures that ensure broad participation in the country’s progress. He added that India is powered by a young, skilled and aspirational population and that the country’s economic momentum “is set to remain strong for decades.”
To further strengthen India–Canada relations, Goyal proposed a five-pronged approach focused on converting dialogue into delivery, sectoral roadmaps and measurable outcomes. He called for revitalising the CEO Forum to enhance business partnerships and urged Canadian participation in India’s upcoming AI Summit. He also encouraged joint innovation, citing India’s strong IPR regime, large datasets, cost-effective innovation environment and the recently announced USD 12 billion fund for research and development.
He said both countries should identify focused areas of collaboration — including critical minerals, clean energy, aerospace, defence and manufacturing under Make in India — adding that Canadian innovation combined with Indian capabilities can create “significant opportunities”.
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Goyal invited Canadian businesses to partner in India’s journey toward becoming a developed nation by 2047. India, he said, offers a “stable, transparent and opportunity-rich environment” for long-term collaboration, expressing confidence that the India–Canada partnership “will continue to grow stronger in the years ahead.”