World Trade Center Mumbai partnered with The Chamber of Commerce of Metropolitan Montreal and Export Development Canada to organise a webinar on ‘Doing Business in India’s Manufacturing Sector’. The webinar was addressed by H. E. Mr. Ajay Bisaria, High Commissioner, India to Canada, Mr. Varun Sood, Vice President, Invest India and Mr. Vijay Kalantri, Vice Chairman, World Trade Center Mumbai. The event was attended by representatives of trade and industry, consular corps and other stakeholders from India and Canada.
Addressing the event, Mr. Bisaria invited Canada’s business community to partner with their counterparts in India in the manufacturing sector. He highlighted the remarkable economic recovery of India from the pandemic and said the country is poised for a V-shaped recovery, with the IMF projecting growth of 11.5 per cent in 2021. Indian economy has reached pre-Covid levels in several sectors, with normalisation of trade, investments and mobility. The Indian government undertook several structural reforms in land, labour, capital, education, manufacturing etc. during the Covid 19 period, he said.
He also pointed out the progress of India in manufacturing COVID 19 vaccine by mentioning that India is set to be the “Vaccine Maker” of the world with 60 per cent of the global vaccine-making capacity.
In his remarks, Mr. Sood said that India has the third-largest consumer market in the world; it is the largest smartphone data consumer, ranks first in the number of internet users, second in startup ecosystem, and is poised to become the third-largest economy by 2030.
Mr. Sood further said, India is the fourth-largest oil refiner in the world, and is expected to have USD 118 billion investment by 2024. India has the fastest-growing e-commerce market in the world, on its way to become USD 99 billion by 2024, growing at a CAGR of 63 per cent. India is the second-largest steel producer with over 140 million ton capacity and is the sixth-largest producer of chemicals, projected to reach USD 304 billion by 2025.
Mr. Sood invited Canadian companies to explore business opportunities in the infrastructure sector in India as the country has planned to invest USD 1.4 trillion in infrastructure projects in the next five years.
He pointed out to the GIS-based National Land Bank digital platform which offers seamless access to land records and property registration for prospective investors. The government has mapped 3,982 industrial parks over five lakh hectares across the country, Mr. Sood informed.
In his address, Mr. Kalantri said India recorded 13 per cent FDI growth in 2020, and ranked 63rd among 190 countries in the World Bank's Ease of Doing Business 2020 survey.
He further said Canadian and Indian manufacturers can partner in areas such as aerospace, food and beverages, automotive, clean tech, life sciences and information and communication technology, among others.
Mr. Kalantri concluded by emphasizing on the need for bilateral collaboration in exchanging information and trade delegations from time to time in order to create mutually beneficial business opportunities.