Indian Prime Minister Narendra Modi delivered a 75-minute Independence Day speech on Saturday, listing his accomplishments, outlining his priorities, and attempting to "awaken the strength of the nation."
Modi said that "the world has stopped talking about globalization," arguing that "some have engaged in the game of weaponizing resources to assert their dominance." Modi's analysis aligns with the views of Canadian Prime Minister Mark Carney, who said at Davos that "great powers have begun using economic integration as weapons, tariffs as leverage, financial infrastructure as coercion, and supply chains as vulnerabilities to be exploited."
But Modi veered away from Carney's embrace of "genuine co-operation" between middle powers, instead emphasizing the importance of Aatmanirbhar Bharat ("Self-Reliant India").
Modi wants India to develop its own semiconductor manufacturing capacity and noted that the country is also "working to secure itself" when it comes to critical-minerals supplies.
He also said that "energy security is the need of the hour," underlining a national target of 100 gigawatts of nuclear power by 2047. Canada will help India get over the line: in March, Saskatchewan’s Cameco and New Delhi reached a C$2.6-billion agreement for Cameco to supply uranium to India over nine years.
Modi also implored Indian MSMEs not to "miss [the] opportunity" of expanded global trade, singling out India's textiles and seafood as having the potential "to reach the world."
Canada and India are trying to conclude negotiations towards a Comprehensive Economic Partnership Agreement by the end of 2026. Canada's top exports to India include coal, lentils, potash, peas, copper, and newsprint.
India's finance minister, Nirmala Sitharaman, is set to arrive in Canada on August 26 for a multi-day visit.
