Union Finance Minister Nirmala Sitharaman on Thursday appealed to Canadian financial institutions to invest in India's fast-growing infrastructure sector. Ms. Sitharaman addressed a high-level India-Canada Business Roundtable here. Canada's Minister of Finance and Revenue Francois-Philippe Champagne was also present on this occasion. The Minister of Finance invited Canadian financial institutions to take advantage of the opportunities available in the Gift IFSC. GIFT IFSC is an important gateway for cross-border financial activities in India. He also highlighted opportunities in areas such as banking, fund management, reinsurance, sustainable finance, global competence centers and aircraft and ship leasing. The meeting was attended by Canadian and Indian policy makers, financial institutions, senior banking sector officials and private sector representatives.
He also highlighted the ongoing changes in India's financial system. Expanding capital markets, increasing penetration of the insurance sector, innovation in fintech and digital public infrastructure like UPI are creating new opportunities for global investors and institutions. The Union Finance Minister said India's infrastructure is expanding rapidly. There are massive opportunities for long-term institutional investment in transport, energy, urban and digital infrastructure. The finance minister described the National Investment and Infrastructure Fund (NIIF) as a business-driven platform that connects global institutional capital with India's infrastructure and growth opportunities. It also includes investment opportunities through Infrastructure Fund 2 and Private Market Fund 2. Ms. Seetha Raman outlined the reform-driven changes that have taken place in India over the past decade, saying that the asset quality review, bankruptcy and insolvency regulation, the 4R strategy and other reforms have strengthened the banking system. The gross NPA ratio of listed commercial banks has declined from 11.18 percent in March 2018 to 2.31 percent in March 2025, the lowest level in the last 2 decades.
He stressed on the mutual complementarity of the two economies. He said India offers scale, economic growth and opportunities, while Canada brings long-term capital, institutional capacity and expertise.