India’s Transformation Is Structural, Driven By Rapid Urbanisation & World-Class

Finance Minister Nirmala Sitharaman today said that India stands as the fastest-growing major economy in the world and offers a unique combination of scale, sustained growth, a young population, expanding consumption and rapidly deepening capital markets.

Addressing prominent members of the Indian business community in Toronto today, Sitharaman said India’s transformation is structural, driven by rapid urbanisation, a growing middle class and world-class digital infrastructure. She noted that these developments are creating new opportunities across virtually every sector of the economy.

The Finance Minister also highlighted the role of India’s digital ecosystem in transforming access to financial and commercial services. She underlined significant opportunities for collaboration with Canadian banks, fintech companies and regulators, not only in payments but also in shaping the next generation of digital financial infrastructure.

Highlighting the growing India-Canada economic partnership, Sitharaman said the Indian diaspora in Canada serves as a strategic bridge between the two countries.

She said India-Canada bilateral ties have undergone a remarkable transformation in recent times, supported by shared democratic and pluralistic values, expanding economic engagement, high-level interactions and strong people-to-people ties.

Referring to the agreement reached between Prime Minister Narendra Modi and his Canadian counterpart Mark Carney on the sidelines of the G7 Summit in June 2025 to reset bilateral ties, Sitharaman said the two countries have reaffirmed their commitment to building a future-focused strategic partnership.