"Our relations have taken a light-year leap": PM Modi unveils $50 billion trade target with Canada

New Delhi [India], March 2 : Prime Minister Narendra Modi on Monday outlined a bold vision for India-Canada relations, aiming to take bilateral trade to $50 billion through the lens of a "light-year leap" and strategic synergy after the leadership change in Canada (with Mark Carney as PM), leading to a strategic "reset."
Addressing the India-Canada CEO Forum, PM Modi highlighted that PM Carney has been in office for less than a year; however, established a "new chapter."
"Friends, today we are going to write a new chapter in India-Canada relations," he said. "Prime Minister Carney has not even completed one year in office, but our relations have taken a light-year leap. In the last few months, trust has grown, clarity has emerged, and a new momentum has been built."
PM Modi declared that bilateral ties are entering a transformative phase and called on business leaders to power the next stage of growth alongwith emphasis on bilateral trade targets and finalisation of CEPA, noting that the renewed engagement comes amid global economic challenges.
"And this is happening at a time when the world is going through a period of economic uncertainty. The global economic order is under pressure. At such a time, the deliberation of business leaders from India and Canada will prepare a new blueprint for our partnership," said PM Modi.
Highlighting the shared foundations of the relationship, PM Modi said, "India and Canada are vibrant democracies, two major economies of the world, and societies based on shared values. Democracy, diversity, and development inspire us to move forward as natural partners. "
On trade and economic cooperation, the Prime Minister said, "Prime Minister Carney and I took some important decisions to advance our shared vision. We are continuously moving forward to take bilateral trade to the level of 50 billion dollars. We will finalise the Comprehensive Economic Partnership Agreement as soon as possible."
He underlined the role of industry in realising the vision." Governments can create frameworks and provide policy direction. However, the power to turn that vision into reality lies with all of you, my fellow business leaders."
Calling India one of the world's fastest-growing major economies, PM Modi said, "India is among the world's fastest-growing major economies. Behind this transformation are strong domestic demand, a young population, large-scale investment, and the power of digital technology. This is the result of our continuously running Reform Express. From policy simplification to Production Linked Incentives (PLI), and from logistics modernisation to tax and bankruptcy reforms, we are strengthening the ease of doing business in every sector."
PM Modi framed the relationship not through the lens of past grievances, but through a $6 trillion economic force to be throttled forward.
He added, "When India and Canada stand together, we don't just connect two economies. We create an economic force of capital and capability. Our combined GDP is more than 6 trillion dollars. But our real strength lies in our ambitions. To move these shared ambitions forward, I will make some suggestions to you."
PM Modi highlighted opportunities for collaboration in clean energy, infrastructure, AI, manufacturing, and food processing.
Outlining five priority areas, PM Modi said, "First, Clean Energy: This is a priority for both countries. Today, we have increased cooperation in the field of nuclear energy and contracted for a long-term supply of uranium. A while ago, we had the opportunity to hear positive thoughts from the CEO of Cameco. We should move forward together in the fields of small modular reactors, advanced reactors, and the nuclear value chain," he called for joint progress in small modular reactors and the nuclear value chain.
On critical minerals, he said, " We have also taken steps to create resilient supply chains for critical minerals. We can move forward by combining Canada's innovation with India's scaling capability in batteries and energy storage."
On infrastructure, he said, "The second area is Infrastructure and Capital Partnership: In this year's budget, we have made a record allocation of 130 billion dollars for infrastructure. Under the National Infrastructure Pipeline, an investment of 1.3 trillion dollars is being made. Canada's pension funds have invested 100 billion dollars in India. This shows deep trust. I invite you to become a part of India's infrastructure growth story."
Turning to technology, PM Modi proposed, "Third, AI: We can work together to create joint AI compute corridors and AI innovation sandboxes for startups." He also emphasised collaboration in electronics, aerospace, and engineering and highlighted food processing as another strong avenue for cooperation.
He said, "Fourth, Manufacturing and Technology: In electronics, aerospace, and engineering, we can strengthen global value chains by combining Canada's technology and India's scale."
He added, "The fifth area is Food Processing: Today, mega food parks, cold chains, and food testing labs are being built rapidly in India. This could be another strong example of our win-win cooperation."
Stressing the importance of substantial partnerships, he said, "Our partnership should not be limited only to national capitals. We must take it to the states and provinces. We must link Alberta's natural resources with the renewable ambitions of Gujarat and Rajasthan. We must combine Ontario's manufacturing strength with the industrial clusters of Tamil Nadu and Maharashtra. We must integrate Montreal's tech ecosystem with the innovation hubs of Bengaluru and Hyderabad. Only then can we turn this partnership from policy to prosperity."
In a lighter moment, PM Modi referenced cricket diplomacy. He said, "Some of you must be watching cricket. We were all happy to see Canada play in the T20 Cricket World Cup going on in India. Just like in T20 cricket, with fast decisions, fearless strokes, and match-winning partnerships, India and Canada will shape the future together."
"With this resolve, I invite all of you to join India's development journey," the Prime Minister concluded.