India-Canada row: India and Canada relations are at worst ever. Following diplomatic expulsions from both countries and serious accusations by Canadian Prime Minister Justin Trudeau, India has continued to take a tough stance. Earlier, the bilateral trade meeting between the two countries was cancelled. After this, India also banned the issuance of visas to Canadian citizens. At the same time, apart from Pakistan, Trudeau is not getting the support of any other country in the world against India. Disappointed, PM Justin Trudeau backed down. He said he did not want to provoke India. Amid the ongoing tension between the two countries, let’s find out how many Indian companies have invested in Canada. How much will Canada suffer if these companies withdraw their investment?
According to a report published by the Confederation of Indian Industry (CII) in May this year, Indian companies have invested 6.6 billion Canadian dollars, or Rs 40,500 crore, in Canada. This investment has created thousands of jobs in Canada. CII’s report titled ‘From India to Canada: Economic Impact and Engagement’ highlights the growing presence of Indian companies in Canada and the Indian economy’s foreign direct investment, job creation, financing, research and development and corporate social responsibility in the Canadian economy. initiative Focuses on the contribution of the company.
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How many Indian companies have invested in Canada?
According to this CII report, Canada also has a large investable capital surplus. Canada is looking for good and big investment opportunities in India. At the same time, a large number of Indian talents are making a strong contribution to the Canadian economy. Even India is steadily increasing investment in Canada. It was then said that Indian companies wanted to invest more in Canada. Let us tell you that 30 Indian companies have invested 6.6 billion Canadian dollars in Canada. It employs 17 thousand people in 8 provinces of Canada.
30 Indian companies have invested 6.6 billion Canadian dollars in Canada.
What were the future plans of Indian companies?
Indian companies have invested 700 million Canadian dollars in research and development in Canada. According to the CII report, 85 percent of companies surveyed expect to increase funding for innovation in the future. Then the report said that Indian companies are planning to invest more in Canada in the next five years. Also, they plan to hire another 96 percent of employees. Canada then welcomed the CII report and said that strengthening the economic partnership between the two countries is beneficial for businesses on both sides of the Pacific.
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Students contribute 30% to Canada’s economy
India has a major contribution to Canada’s economy. Statistics show that after America and Britain, most Indian students go to Canada for higher education. According to data from Immigration Refugees and Citizenship Canada, in 2002, 2,26,450 Indian students came to study in their various institutions. A total of 5,51,405 students from all over the world went to study there this year. It is clear from the statistics that India contributes 40 percent of the students coming to Canada for higher education from all over the world. Indians are the largest number of students in Canada. At the same time, students from China ranked second and students from the Philippines ranked third. Let us tell you that 30 percent of Canada’s economy is contributed by students who go on to study.
Students from India contribute 30 percent to the Canadian economy. (symbol image)
What does India export to Canada?
The Government of Canada’s own statistics show that in 2022, bilateral trade between Canada and India will be around US$9 billion. This was 57 percent higher than in 2021. India exports coal, coke, fertilizers and fuel products to Canada. At the same time, Canada imports consumer goods, clothing, auto parts, engineering products such as aircraft equipment, and electronic products. Also, both countries agreed in 2022 that the number of flights between India and Canada will be increased. If the relationship between the two countries deteriorates further, this may also have an impact.