New Delhi, Aug 26 (IANS) Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has invited Canadian investors to step up their participation in India's growth story, highlighting opportunities across banking, insurance, fintech, semiconductors, rare earths and other emerging sectors, it was announced on Wednesday. Addressing a business reception in Toronto, FM Sitharaman said India's scheduled commercial banks were in the best of health and that significant investment was taking place in the banking sector."India's financial sector, the banking in particular, the NBFCs and their rapid growth is inviting a lot of international interest," she said in a post on X.FM Sitharaman also noted that GIFT City, India's International Financial Services Centre, has already attracted several foreign banks and offers scope for more international financial institutions to establish operations."The commitment from the Government of India is that we want Canadian investors to come and have greater engagement with India," she said.

The minister highlighted India's large population, purchasing power, consumption and demand as key factors making the country an attractive investment destination.In a separate post on X, FM Sitharaman said India was creating new gateways for international capital through GIFT City, which is emerging as a global platform for international financial institutions.She said GIFT City's regulatory and tax framework had been designed specifically to facilitate cross-border financial activity.In addition, 100 per cent foreign direct investment is now permitted in the insurance sector, while India's leadership in fintech at scale was creating significant opportunities for global capital, according to her.The Finance Minister also pointed to emerging sectors such as semiconductors, magnets and rare earths as areas with significant potential for Canadian investors."India can also provide trusted & cost-effective supply-chain alternatives for global markets," she said and invited inviting Canadian investors and rare earth operators to participate more actively in India's growth story.For Canadian institutional investors, these developments offer opportunities not only to participate in India's growth but also to use the country as a platform for wider regional and global financial activity, according to her.

/IANS