India–Canada CEO Forum Marks New Chapter in Strategic Economic Partnership

The Right Honourable Prime Minister Mark Carney,
Business leaders from both countries,
Ladies and gentlemen,
Namaskar!

I am delighted to join all of you at the India–Canada CEO Forum. I would especially like to thank Prime Minister Carney for sharing his positive and insightful views.

Friends,

Today, we are about to write a new chapter in India–Canada relations. Even though Prime Minister Carney has not yet completed one year in office, our relationship has taken a light-year leap. Over the past few months, trust has deepened, clarity has emerged, and a new momentum has been created. This is happening at a time when the world is passing through a phase of economic uncertainty and the global economic order is under pressure. In such circumstances, this dialogue among India’s and Canada’s business leaders will shape a new blueprint for our partnership. I commend all of you for your vision and commitment.

Friends,

India and Canada are vibrant democracies, two of the world’s large economies, and societies rooted in shared values. Democracy, diversity, and development inspire us to move forward as natural partners. Today, Prime Minister Carney and I have taken important decisions to advance our shared vision. We are steadily moving towards taking bilateral trade to the USD 50 billion mark. We will finalize the Comprehensive Economic Partnership Agreement at the earliest.

But friends,

Governments can create frameworks and provide policy direction, yet the real power to turn that vision into reality lies with all of you.

Friends,

Today, India is the fastest-growing major economy in the world. This transformation is driven by strong domestic demand, a young population, large-scale investments, and the power of digital technology. It is the result of our continuously moving reform express. From policy simplification to Production Linked Incentives, from logistics modernization to tax and bankruptcy reforms, we are strengthening the ease of doing business across every sector.

Friends,

When India and Canada stand together, we do not merely connect two economies—we create an economic force of capital and capability. Our combined GDP exceeds USD 6 trillion. But our real strength lies in our ambitions. To advance these shared ambitions, I would like to place a few suggestions before you.

First—clean energy. This is a priority for both countries. Today, we have expanded cooperation in the nuclear sector, including a long-term contract for uranium supply. A short while ago, we had the opportunity to hear positive ideas from CEOs in this sector. We should move forward together on small modular reactors, advanced reactors, and across the nuclear value chain. In critical minerals, we have taken steps today to build resilient supply chains. By combining Canada’s innovation with India’s scaling capability in batteries and energy storage, we can move ahead rapidly.

The second area is infrastructure and capital partnership. In this year’s budget, we have made a record allocation of USD 130 billion for infrastructure. Under the National Infrastructure Pipeline, investments worth USD 1.3 trillion are underway. Canadian pension funds have invested USD 100 billion in India, reflecting deep trust. I invite you to become a part of India’s infrastructure growth story.

The third area is artificial intelligence. Together, we can build joint AI compute corridors and create AI innovation sandboxes for startups.

Fourth—manufacturing and technology. By combining Canada’s technology with India’s scale in electronics, aerospace, and engineering, we can strengthen global value chains.

Fifth—food processing. In India, mega food parks, cold chains, and food testing laboratories are being developed rapidly. This too can become another strong example of our win–win cooperation.

Friends,

Our partnership should not remain limited to national capitals; we must take it to states and provinces. We should connect Alberta’s natural resources with the renewable energy ambitions of Gujarat and Rajasthan. Ontario’s manufacturing strength should be linked with the industrial clusters of Tamil Nadu and Maharashtra. Montreal’s tech ecosystem should be integrated with the innovation hubs of Bengaluru and Hyderabad. Only then will we be able to transform this partnership from policy into prosperity.

Friends,

Some of you may be following cricket. Seeing Canada play in the ongoing T20 Cricket World Cup in India has been a moment of joy for all of us. Just like in T20 cricket—with fast decisions, fearless strokes, and match-winning partnerships—India and Canada will shape the future together.

With this resolve, I invite all of you to join India’s development journey.

Thank you very much.