Toronto/New Delhi, August 28 (IANS). Union Finance Minister Nirmala Sitharaman on Friday said India and Canada have a huge opportunity to take cooperation in the financial sector to new heights and develop long-term investment partnerships. He underlined the complementarities that exist between the economies of the two countries and said that together India and Canada can establish more comprehensive and future-oriented economic relations.
Addressing the high-level India-Canada Business Roundtable held in Toronto, Sitharaman said India offers its huge market potential, rapid economic growth and investment opportunities, while Canada has long-term capital, strong institutional framework and financial expertise. Canada's Minister of Finance and National Revenue François-Philippe Champagne was also present at the event.
The Finance Ministry said that Sitharaman said that the economic relations between India and Canada have seen new momentum in recent times and now there is a need to translate this positive environment into deeper cooperation in the financial sector and stronger investment partnerships.
The Finance Minister also mentioned the comprehensive economic and financial reforms that have taken place in India in the last decade. He said that steps like Asset Quality Review, Insolvency and Bankruptcy Code, 4R strategy and EASE reforms have made the Indian banking system more strong and stable than before.
“India and Canada are now exploring how financial cooperation can be further strengthened through digital technologies, including easier payment mechanisms, cross-border money transfers and more digital payment options for citizens,” Sitharaman said.
He said such initiatives can lay a strong foundation for a deeper and people-centric partnership between the two countries.
Referring to the strength of the Indian banking sector, the Finance Minister said that the Gross Non-Performing Assets (GNPA) ratio of scheduled commercial banks has declined from 11.18 percent in March 2018 to 2.31 percent in March 2025, which is the lowest level in the last two decades.
He also highlighted the changes in India's financial ecosystem. Sitharaman said the depth of capital markets has increased, the insurance sector has expanded, fintech innovations have gained momentum and digital public infrastructure platforms like Jam, UPI, account aggregators and India Stack have given a new direction to financial inclusion and digital transactions.
The Finance Minister also invited Canadian financial institutions to take advantage of the opportunities available at the GIFT International Financial Services Center (GIFT IFSC). He said that there is vast potential for investment and cooperation in areas like banking, fund management, reinsurance, sustainable finance, global capacity centres, aircraft and ship leasing.
Sitharaman said that three major topics were the focus of the discussions between the two countries. First, an assessment of global and domestic macroeconomic developments and policy priorities of both countries. In this context, he said that India has demonstrated remarkable economic strength even amidst challenging global circumstances.
He also said that the economies of India and Canada complement each other in many areas and there is ample potential to further deepen investment and economic cooperation. He said that this partnership can become the basis for long-term economic growth, financial innovation and investment expansion for both the countries.
–IANS
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