Mumbai: India's bilateral trade with Canada is expected to grow to USD 15 billion by 2015 from the present USD 5.8 billion, Canadian Consul General Richard Bale said Thursday.
"Currently the bi-lateral trade stands at 5.8 billion dollars and is expected to grow to USD 15 billion by 2015. Currently there are 700 Canadian companies in India," Bale said at a conference on Renewable Energy here.
During the India visit of Canadian Prime Minister last November, both the Prime Ministers set an ambitious target to conclude a Comprehensive Economic Partnership Agreement (CEPA) by the end of the year that would boost the Indian and Canadian economics by USD 6 billion and result in a significant increase in bilateral trade, Bale said.
We believe that by combining Canadian technology and expertise with Indian talent, Canadian and Indian manufacturers can develop and deliver advanced and competitive products and services for India, Canada and third country markets, he said.
The government of Canada has committed USD 13.8 million over five years to establish Canada-India Research Centre of Excellence. The Centre will fund greater collaboration between Indian and Canadian researchers and is expected to be operational by year-end, Bale added.
Canadian investments in science and technology currently amount to USD 12 billion per year and have created one of the strongest science and technology bases in the world, he said.
Ashvini Kumar, Director Solar Energy Cooperation of India, in his key note address said that renewable energy is an evolving sector and has grown from 2 percent in 2003 to 12 percent in 2013 in total power generation.
With policy framework in place, this sector is set for a significant boost with a target of 20 percent for renewable energy in the total electricity mix by 2020.
The renewable energy industry is having a turnover of Rs 40,000 crore as in 2012 with an average growth rate of 12 percent, Kumar said.
Indra Mohan, president India Tech Foundation, said that the Indian government has drawn up an ambitious capacity addition plan of adding 88,000 MW of power at a massive investment of Rs 13,72,580 crore during the 12th plan.
However, in the view of the threat of high levels of CO2 in the air, 30,000 MW capacity addition is expected to come from renewable energy sector, which is quite an ambitious target.