India Highlights Collaboration Prospects With Canada in Critical Minerals and Clean Energy
Union Minister of Commerce and Industry Shri Piyush Goyal addressed the Indo-Canadian Business Chamber in New Delhi and stated that India sees considerable potential for cooperation with Canada in critical minerals, mineral processing technologies, clean energy, nuclear energy and supply-chain diversification. He said that India provides 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. He observed that India and Canada are natural partners whose complementary strengths create opportunities for businesses and investors in both countries.
Strength of Bilateral Relations
Shri Goyal said that the India-Canada partnership continues to be based on mutual trust, democratic values and a shared commitment to development. He noted that the relationship remains stable, with growing engagement across trade, investment and emerging sectors.
Referring to the recent meeting between Prime Minister Shri Narendra Modi and Canadian Prime Minister Mr. Mark Carney during the G20 Summit, he said that both leaders agreed to begin negotiations for a high-ambition Comprehensive Economic Partnership Agreement and double bilateral trade by 2030. He added that the agreement reflects the trust between the two countries, strengthens investor confidence and provides a framework for addressing issues based on mutual respect.
Clean Energy and Economic Prospects
Shri Goyal said that India’s national power grid of 500 GW, including 250 GW of clean energy capacity, provides resilience for AI-driven infrastructure. He noted that India’s goal to double clean energy capacity to 500 GW by 2030 positions it as a trusted partner and that India is among the few democracies capable of offering 24-hour clean energy at competitive rates.
He referred to the seventh Ministerial Dialogue held earlier this month with Canada’s Minister of International Trade and said both sides agreed to reinvigorate business-to-business engagement and explore two-way business delegations. He appreciated the flow of Canadian investments into India, especially through Canadian pension funds, and noted the rising interest of Canadian companies in expanding operations in the country.
India’s Economic Performance
Shri Goyal said that India has moved from the “Fragile Five” to being among the world’s top five economies. He reiterated that India is expected to become the world’s third-largest economy in the next 2 to 2.5 years, supported by low inflation, a strong banking system, high foreign exchange reserves, infrastructure expansion and a robust capital market. He said that India’s stock market has grown nearly four-and-a-half times in the last 11 years, reflecting investor confidence.
He said that India’s development model is based on macroeconomic stability, inclusive and sustainable growth and welfare measures that ensure 140 crore citizens participate in national progress. He added that India is driven by a young and skilled population, and the country’s economic momentum is set to remain strong.
Proposed Areas of Cooperation
Shri Goyal proposed a five-pronged approach to enhance India-Canada relations and stressed the need to convert dialogue into delivery through actionable outcomes, sectoral roadmaps and measurable progress. He called for revitalising the CEO Forum to strengthen business partnerships and encouraged Canadian participation in India’s upcoming AI Summit. He highlighted opportunities for joint innovation supported by India’s IPR regime, large datasets and cost-effective innovation environment, along with a recently announced USD 12 billion fund for research and development.
The Minister said that the two countries should identify priority areas of collaboration, including critical minerals, clean energy, aerospace, defence and manufacturing under the Make in India programme. He said that Canadian innovation combined with Indian capabilities can generate opportunities for both nations.
Shri Goyal invited Canadian businesses to partner in India’s journey toward becoming a developed nation by 2047. He said that India offers a stable and transparent environment for long-term cooperation and expressed confidence that the partnership will continue to strengthen.