The head of India’s state-owned bank is urging expanded trade between Canada and India, and sees a window of opportunity as protectionist tensions and tariff wars threaten to disrupt global trade flows.
Rajnish Kumar, chairman of State Bank of India (SBI), said Indian companies have shown a willingness to invest in sectors from technology to metals, but he also recognizes the chance to participate in areas such as renewable energy and solid-waste management, where Canada can help Indian companies grow.
His comments come at a moment when SBI, which is India’s largest bank, has made Canada a priority market for greater investment in areas such as syndicated loans, mortgages and trade finance. SBI has been in Canada since 1982, with branches concentrated in Southern Ontario and the Greater Vancouver area, advising Indian and Canadian companies and offering deposits, loans and mortgages to the Indian diaspora in Canada.
As one example, he cited growing interest from pension funds and large institutional investors “who are willing to now look at the Indian market for good returns, and safe returns.”