According to a recent report by the Confederation of Indian Industry (CII), "From India to Canada: Economic Impact and Engagement", Indian businesses have invested more than CAD 6.6 billion (approximately Rs 40,000 crore) in Canada, creating approximately 17,000 jobs within the country.
The report launched by Union Commerce and Industry Minister Piyush Goyal during his visit to Toronto, reported PTI. The report emphasizes the increasing presence of Indian companies in Canada and highlights the significant contributions made by the companies to the Canadian economy which include foreign direct investment, the generation and retention of employment, support for research and development, as well as corporate social responsibility initiatives.
- According to the report, around 30 Indian companies, across 8 states have collectively invested CAD 6.6 billion in Canada. These companies have employed approximately 17,000 individuals including full-time and part-time hires in various sectors within the country.
- It is worth highlighting that the survey specifically focussed on direct employment numbers However, it is crucial to recognize the multiplier effect of indirect employment, which is attributed to the support industries and ancillary services facilitated by the Indian industry.
- The report also states that 100% of participating companies plan to invest more in Canada and 96% of them plan to hire more employees over the next five years.
- Speaking of sectors, the Technology Services sector emerges as the frontrunner, with 32% of the companies operating in the Information and Communication Technology (ICT) and Telecom sectors. Manufacturing and Engineering, along with Life Sciences, Pharmaceuticals, and Healthcare, closely follow.
- Tata Consultancy Services (TCS) with a presence in Toronto, Montreal, Calgary, and Vancouver employs more than 7000 professionals in Canada, is among the Top 10 IT companies in Canada and is known for its recruitment of tech talent. Tata Technologies (Canada) Inc., a subsidiary of Tata Technologies Inc., offers engineering automation, design services, and IT solutions to automotive and aerospace manufacturers globally.
- The Aditya Birla Group in Canada has thousands of employees in the pulp and fibre, metals, Information Technology Enabled Services (ITES), and carbon black sectors.
- Wipro Canada and Infosys as well have a footprint in IT consulting and services in Canada.
- The report reveals that the research and development expenditure by these Indian companies in Canada exceeds CAD 700 million. Furthermore, 85% of the surveyed companies expressed their intention to keep funding to drive future innovation efforts.