While addressing the Indo-Canadian Business Chamber in New Delhi today, he said thatIndia offered 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 said that Canada and India were natural allies whose complementary strengths created significant opportunities for businesses and investors in both countries.
He asserted that the bilateral relationship remained strong and stable, with steadily growing engagement across trade, investment and emerging sectors.
India’s national power grid of 500 GW, including 250 GW of clean energy capacity, provided the resilience required for AI-driven infrastructure, he said. He noted that India’s ambition to double clean energy capacity to 500 GW by 2030 positioned the country as a trusted and sustainable partner, and that India was among the few democracies capable of offering genuine 24-hour clean energy at globally competitive rates.
Goyal also highlighted India’s strong economic fundamentals, stating that the country had moved from the “Fragile Five” to being among the world’s top five economies. He reiterated that India was expected to become the world’s third-largest economy in the next 2–2.5 years, supported by low inflation, a strong banking system, high foreign exchange reserves, robust infrastructure expansion and a vibrant capital market. He noted that India’s stock market had grown nearly four-and-a-half times in the last 11 years, reflecting investor confidence in the Indian economy.
He also said that India’s development model rested on macro-economic stability, inclusive and sustainable growth and welfare measures that ensured 140 crore citizens participated in the nation’s progress.
Goyal proposed a five-pronged approach to further strengthen India–Canada relations, and called for revitalising the CEO Forum to enhance business-to-business partnerships and urged Canadian participation in India’s upcoming AI Summit.
He encouraged joint innovation, noting India’s strong IPR regime, large datasets and cost-effective innovation environment, supported by the recently announced USD 12 billion fund for research and development.
The Minister said that both countries should identify focused 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, could create significant opportunities for both nations.
Goyal invited Canadian businesses to partner in India’s journey toward becoming a developed nation by 2047. He said that India offered a stable, transparent and opportunity-rich environment for long-term collaboration and expressed confidence that the India–Canada partnership would continue to grow stronger in the years ahead.
