100% FDI, Insurance for All by 2047 provide great opportunities for Canadian firms: FM Sitharaman

Minister for Finance & Corporate Affairs Nirmala Sitharaman during a meeting with Kevin D. Strain, President & CEO of Sun Life Financial, in Toronto, Canada. | Photo Credit: -

With FDI up to 100 per cent permitted in the insurance sector, Finance Minister Nirmala Sitharaman asked top Canadian insurance firms and pension funds to enhance investment in India. She also emphasised that the vision of ‘Insurance for all by 2047’, provides a big opportunity for investors.

Sitharaman is in Canada to pitch India as an attractive investment destination and further strengthen bilateral economic ties.

In her meeting with Sun Life Financial President and CEO, Kevin D Strain, in Toronto, she highlighted the liberalisation of the insurance sector, including the increase in FDI (foreign direct investment) limit from 74 per cent to 100 per cent, and the government’s vision of ‘Insurance for All by 2047’.

Discussions covered India‘s resilient growth, expanding market, macroeconomic stability and rapidly developing digital and physical infrastructure, creating significant opportunities for long-term investment, the Finance Ministry said in a post on X.

She also highlighted opportunities for Sun Life to deepen its presence in insurance, asset management, alternatives and infrastructure, including through GIFT IFSC, and greater participation by Canadian institutional investors in India‘s growth story. Sun Life is present in India in the insurance and fund management space, besides having other operations.

In another meeting, Canaccord Genuity Vice-Chair Rod Phillips and CEO Dan Daviau highlighted the potential for greater investment flows between Canada and India. She encouraged Canaccord Genuity to explore opportunities across India‘s growth sectors and play a constructive role in connecting Canadian and global capital with Indian businesses.

Discussions covered opportunities to deepen Canaccord Genuity’s engagement with India, including supporting Indian companies in accessing global capital, expanding internationally and acquiring technology and businesses overseas, the Ministry said in a separate post on X.

During the meeting with Canada Pension Plan Investment Board (CPPIB) President and CEO, John Graham, and the Ontario Teachers’ Pension Plan (OTPP) President and CEO, Jo Taylor, Sitharaman encouraged them to further deepen their engagement with India‘s infrastructure sector and emerging growth opportunities. She appreciated CPPIB and OTPP’s continued confidence in India and their long-term commitment, including investment in the NIIF Infra Fund II.

Discussions focused on expanding opportunities for institutional capital across transmission, renewable energy, roads, ports, urban infrastructure, digital infrastructure and data centres, the ministry said in another post on X.

The Finance Minister also highlighted India‘s growing infrastructure monetisation pipeline and ongoing efforts to strengthen investor protection, regulatory predictability and transparency, as well as new opportunities in private credit and international financial services through GIFT IFSC.

During a meeting with another pension fund player, OMERS’ President and CEO, Blake Hutcheson, she emphasised India‘s investor-friendly policy environment, greater tax certainty and ongoing reforms, and encouraged the fund house to explore new opportunities and partnerships across sectors and geographies in India.