The Benefits of Canada’s Relationship with India

On May 15 2019 the High Commissioner of India to Canada Mr. Vikas Swarup visited the Senate Chamber as the guest of Senator Ratna Omidvar. In her remarks, Senator Omidvar outlined the economic and population growth currently underway in India. In doing so, she underscored the opportunities both Canada and India can find in one another, particularly as the global economy continues to shift to the sub-continent. 

Watch Senator Omidvar deliver her statement or read or speech in full below: 

Hon. Ratna Omidvar: Honourable senators, the importance of India’s vast economic, social and cultural potential for Canada cannot be overstated. India is one of the world’s fastest-growing economies, growing steadily from 4.4 per cent in the 1970s to a staggering 7.1 per cent in this decade, touching services, industry, technology and agriculture. It has attracted more foreign direct investment than China, spurring on a flourishing private sector. New Indian start-ups have received billion-dollar evaluations and many are members of the coveted Unicorn Club.

However, the most striking aspect of India is and has always been, and I believe will continue to be, its demographics. As India’s economy has grown, so too has its middle class. Its workforce is expected to increase by 250 million people by 2030. Its consumption is set to increase by $4 trillion. It will be led by young people as 1 million young, educated Indians turn 18 every month — every month — for the next several years.

I believe this presents countless opportunities for Canada. Canadian universities have been welcomed in India, reaching thousands of Indian students who are hungry for education but also for services and goods.

The traffic is not just one way. Indian multinationals are finding opportunities for success in Canada in industries ranging from artificial intelligence and blockchain in Toronto to pulp-and-paper mills in Thunder Bay. Just last year, Canadian and Indian companies signed $1 billion worth of contracts that will create 5,800 jobs right here in Canada.

Honourable senators, I will admit that doing business in India is challenging, but we have an inherent advantage. In fact, we have 1.2 million advantages because that is the number of Indo-Canadians in Canada.

We are also fortunate to have His Excellency Vikas Swarup, India’s High Commissioner to Canada, as a counterpart. He describes himself as a full-time diplomat and a part-time author. This modest part-time author’s novel Q & A has been translated into 43 languages and made into the small, little movie that became a blockbuster and won an Oscar, called Slumdog Millionaire.

Of course, as a Canadian, I am personally hoping that he will set his next novel right here in Canada featuring our basketball heroes, leading to even greater connection, trade and prosperity between our two nations.