India, Canada Can Bring Greater Certainty to Global Growth, Sitharaman Says
Toronto — Indian Finance Minister Nirmala Sitharaman said Thursday that economies such as India and Canada can help bring greater predictability and stability to global growth amid geopolitical uncertainty.
Speaking at the inaugural India-Canada Economic and Financial Dialogue in Toronto, Sitharaman said the meeting comes at an important moment in relations between the two countries.
“After the reset that happened when PM Narendra Modi and PM Mark Carney met, there have been several high-level interactions between the Indian leadership and the Canadian leadership. We are now having the first Economic and Financial Dialogue,” she said.
Sitharaman said closer cooperation between the two countries could help strengthen food and energy security, improve access to critical minerals and reduce risks created by concentrated global supply chains.
“On food security and energy security, and critical minerals, there can be such a relationship between Canada and India that will go to the strengthening of our people’s purchasing power, ability to face supply chain disruptions, and there will be a conscious effort to address the concentration risks in global sourcing of important commodities,” she said.
Sitharaman led the Indian delegation, while Canadian Finance and National Revenue Minister Francois-Philippe Champagne headed the Canadian side.
The finance minister also participated in a business roundtable with investors in Toronto.
Diana Virgovicova, CEO and Founder of xatoms, said the meeting provided an opportunity to discuss the company’s work in Canada and its plans to expand into India.
“We’ve also learned about how India can support us, support our expansion, the steps necessary in order to set up our businesses in India,” Virgovicova said, adding that the company sees significant opportunities in the Indian market.
Pranav Kapuria, Managing Director of The Hi-Tech Gears, described the discussion as candid and said India and Canada have highly complementary economies.
“We as a company have manufacturing facilities in Canada and India, and we already experience the value that we can add to being a globally competitive organisation,” he said.
Gabriel Miller, President and CEO of Universities Canada, also welcomed the renewed engagement between the two countries, saying there was significant potential to create jobs and economic opportunities in both India and Canada. (Source: IANS)
