Rapid Urbanisation, Digital Infrastructure Driving India’s Growth: FM

Finance Minister Nirmala Sitharaman has said that India’s economic transformation is being driven by structural changes, including rapid urbanisation, a growing middle class and the expansion of world-class digital infrastructure.Addressing members of the Indian business community in Toronto, Sitharaman described India as the world’s fastest-growing major economy, supported by a young population, rising consumption, sustained growth and increasingly deep capital markets.
She said these developments are opening up significant opportunities across a wide range of sectors. The Finance Minister also highlighted India’s digital ecosystem, which has expanded access to financial and commercial services.

Sitharaman invited greater cooperation between Indian and Canadian banks, fintech firms and regulators, particularly in payments and the development of next-generation digital financial infrastructure.
On India-Canada economic relations, she said the Indian diaspora in Canada plays an important role in strengthening ties between the two countries. She noted that bilateral relations have seen significant progress, backed by growing economic engagement, high-level exchanges and strong people-to-people connections.
Referring to the understanding reached between Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney on the sidelines of the G7 Summit in June 2025, Sitharaman said both countries have renewed their commitment to building a future-oriented strategic partnership.

The Finance Minister is currently on a four-day official visit to Canada aimed at strengthening bilateral trade, investment and financial cooperation.