Finance Minister Nirmala Sitharaman on Thursday invited more Canadian pension funds to participate in India’s asset monetisation programme, highlighting the investment opportunities available in the country’s infrastructure and other growth sectors.
“Canadian pension funds have been very much engaged with India. We would like more Canadian pension firms to be in India. Since 2020, we have put out a complete list of the National Monetisation Pipeline for asset monetisation in India,” Sitharaman said during a joint press briefing in Toronto. She said pension and sovereign wealth funds were looking for potential growth areas where their investments could generate attractive returns.
Foreign portfolio investors from Canada have invested close to Rs 2.40 lakh crore in Indian capital markets.
Sitharaman also met Canadian business leaders to explore investment opportunities in India across emerging sectors, including critical minerals, rare earths, energy storage, clean technology and financial services, as New Delhi seeks to deepen economic engagement with Ottawa.
The Finance Minister is on a four-day visit to Canada and the US, during which she is scheduled to meet business and industry representatives.
Addressing a high-level business roundtable in Toronto, Sitharaman urged Canadian companies to explore the Indian market and use the country as a platform for innovation and exports. CEOs and senior executives from clean technology, critical minerals, rare earths, energy storage, sustainable infrastructure, agriculture, food processing, automobiles, textiles, green steel, aerospace and space sectors participated in the meeting.
She particularly highlighted investment opportunities in financial services and the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), as well as India’s digital public infrastructure, including its digital payments ecosystem.
Bilateral trade in goods and services between India and Canada stood at around $24 billion in 2024, with both countries aiming to raise two-way trade to $70 billion annually by 2030.
Sitharaman said the scope of the bilateral relationship extended well beyond merchandise and services trade, with Canadian capital, technology, innovation and natural resources complementing India’s manufacturing capabilities, talent pool and expanding domestic market.
She also called for greater collaboration in clean energy and critical-mineral value chains as the two countries seek to build more resilient and diversified global supply chains.
Sitharaman also met Wayne Lee, Managing Director and Head of International Banking at Canadian Imperial Bank of Commerce (CIBC), and invited the Canadian lender to explore establishing a presence in India.