Toronto/New Delhi, August 28, 2026 (Yes Punjab News)
Union Finance Minister Nirmala Sitharaman on Friday said India and Canada have significant scope to deepen financial-sector cooperation and develop long-term investment partnerships by leveraging the complementary strengths of their economies.
Addressing a high-level India-Canada Business Roundtable in Toronto in the presence of Canadian Finance and National Revenue Minister François-Philippe Champagne, Sitharaman said India’s scale, growth and expanding opportunities could complement Canada’s long-term capital, institutional depth and expertise.
The Ministry of Finance said the discussions focused on building on the renewed momentum in bilateral economic engagement and translating it into stronger financial cooperation and investment partnerships.
Sitharaman outlined India’s reform-led transformation over the past decade, citing measures such as the Asset Quality Review, Insolvency and Bankruptcy Code, the 4R approach and EASE reforms as having strengthened the banking sector.
She noted that the gross non-performing assets ratio of Scheduled Commercial Banks declined from 11.18 per cent in March 2018 to 2.31 per cent in March 2025, its lowest level in two decades.
The Finance Minister also highlighted the expansion of India’s capital markets, insurance sector and fintech ecosystem, along with the growth of Digital Public Infrastructure platforms such as JAM, UPI, Account Aggregator and India Stack.
She said India and Canada were exploring how digital technologies could further strengthen financial cooperation, including through easier payments, cross-border remittances and wider digital payment options.
Sitharaman invited Canadian financial institutions to explore opportunities in GIFT IFSC, India’s gateway for cross-border financial activities. She identified banking, fund management, reinsurance, sustainable finance, Global Capability Centres, and aircraft and ship leasing as areas offering investment potential.
She said discussions also covered macroeconomic developments, domestic policy priorities and India’s resilience, while recognising the considerable scope for deeper investment and economic cooperation between the two countries.
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