Nirmala Sitharaman Courts Canadian Investors for India Growth

Finance Minister Nirmala Sitharaman recently sought to bolster Canadian investment in India, presenting the nation’s robust infrastructure, technology, and critical-minerals sectors to major institutional investors and businesses in Toronto.

Her discussions aimed to expand Canada’s financial engagement with India, highlighting various opportunities for capital deployment across the Indian economy.

Engaging Key Financial Leaders

In Toronto, Minister Sitharaman met with Dan Daviau, chief executive, and Rod Phillips, vice chair, of Canaccord Genuity. The talks focused on strengthening the Canadian investment bank’s involvement with India.

• Supporting Indian companies in accessing global capital markets.
• Facilitating Indian firms’ overseas expansion and technology acquisitions.
• Exploring critical minerals, mining, technology, and sustainability initiatives.
• Leveraging India as a strategic hub for global businesses.

Sitharaman underscored India’s expansive domestic market, its deepening capital markets, and its macroeconomic resilience. She also detailed ongoing reforms designed to enhance investor protection, streamline the ease of doing business, and improve dispute resolution mechanisms.

She encouraged Canaccord Genuity to actively pursue opportunities within India’s high-growth sectors and to connect Canadian and international capital with Indian enterprises.

Pension Funds Eye Indian Growth

Minister Sitharaman also held discussions with John Graham, president and CEO of the Canada Pension Plan Investment Board (CPPIB). She acknowledged the pension fund’s consistent confidence and long-term commitment to India, notably its investment in NIIF Infra Fund II.

These discussions centered on increasing institutional investment across several critical areas:

• Transmission and renewable energy projects.
• Roads, ports, and urban infrastructure development.
• Digital infrastructure and data centers.

Sitharaman emphasized India’s expanding infrastructure monetisation pipeline and its efforts to strengthen investor protection, regulatory predictability, and transparency. She also pointed to new avenues through GIFT IFSC in private credit and international financial services, encouraging CPPIB to deepen its engagement with India’s emerging growth opportunities.

In a separate meeting, Sitharaman met Jo Taylor, president and CEO of the Ontario Teachers’ Pension Plan (OTPP). She expressed appreciation for OTPP’s sustained confidence in India and its partnership with NIIF, including its participation in NIIF Infra Fund II.

The dialogue explored methods to broaden OTPP’s infrastructure investments through strategic partnerships and co-investment models, covering sectors such as:

• Transmission and transport infrastructure.
• Urban development initiatives.
• Renewable energy projects.

Sitharaman again highlighted GIFT IFSC as a vital platform for global investors, urging OTPP to expand its involvement with India and explore larger investment prospects.

The Finance Minister further participated in a high-level business roundtable in Toronto, engaging with chief executives and senior executives from leading Canadian companies.