India Emerges Fastest Growing Economy Globally Under PM Modi: PM Carney

Canadian Prime Minister Mark Carney on Monday commended Prime Minister Narendra Modi for steering India to become the world’s fastest-expanding major economy over the past decade.

Speaking at a joint press briefing in New Delhi after bilateral discussions, PM Carney praised PM Modi’s leadership and India’s sustained economic acceleration.

He observed that per capita incomes in India have risen at an unprecedented pace. He described the transformation as rarely witnessed in human history.

Carney said Canada shares India’s ambition and strategic purpose. He referred to the theme of India’s G20 Presidency in 2023, ‘One Earth, One Family, One Future’, and argued that global challenges demand collective action rather than unilateral responses.

The leaders reviewed the full spectrum of bilateral engagement. They discussed trade and investment, defence and security, clean energy, critical minerals, education, culture, artificial intelligence, supercomputing and mobility.

They also exchanged perspectives on regional and global developments. Both emphasised that terrorism, extremism and radicalisation remain grave threats to humanity.

Following talks at Hyderabad House, both sides exchanged several Memorandums of Understanding.

These covered civil nuclear cooperation, energy collaboration, critical minerals, science and technology, education, skill development and cultural exchange.

Carney announced renewed defence and security cooperation. The two countries will advance a fresh defence partnership, strengthen maritime collaboration in the Indo-Pacific and expand professional military exchanges.

They will also coordinate more closely on shared security interests. He recalled earlier meetings with PM Modi at the G7 Summit in Alberta and the G20 Summit in Johannesburg last year.

He noted a sharp rise in high-level engagement. Foreign ministers met five times within a year.

Four Canadian ministers led delegations to India. Provincial premiers also participated. PM Carney described the relationship as an expanded partnership marked by new ambition and foresight.

Both nations aim to conclude a Comprehensive Economic Partnership Agreement by year-end.

Prime Ministere Minister Carney said the pact will reduce trade barriers, enhance certainty and unlock opportunities to double trade by the decade’s close.

Highlighting people-to-people ties, he noted that nearly two million Canadians trace their heritage to India.

Around 400,000 Indian students study in Canada, exceeding comparable figures in the United States and the United Kingdom.

He announced a new talent and innovation strategy featuring 13 partnerships, including collaborations with McGill University, University of Toronto and University of British Columbia.

He further confirmed expanded cooperation between the Canadian Space Agency and the Indian Space Research Organisation on climate monitoring, earth observation and agricultural resilience.

Also Read: PM Modi, Carney Agree Terrorism & Extremism Are Grave Threats To Humanity