Datanomics: India-Canada seek to reboot bilateral energy relations

India and Canada step up energy cooperation with a $1.9-billion uranium deal as New Delhi pushes its nuclear expansion under the Nuclear Energy Mission for Viksit Bharat

India and Canada last week finalised the terms of reference (ToR) to raise their bilateral trade to $50 billion by 2030 from $8.7 billion in FY25. Energy was the primary focus as both countries worked to diversify their energy sources. The two also signed a $1.9 billion uranium supply agreement to secure long-term fuel supplies for India’s civilian nuclear programme.  

Fluctuating oil imports  

At its peak in FY22, India’s import of crude and related products constituted over one-tenth of its total imports from Canada. But, the share has fluctuated since FY22 at lower levels. 

From 100 to 0 in 8 yrs 

In 2017, India imported uranium worth $55.66 million from Canada. Since 2023, India has not imported any uranium from Canada, relying instead on France, Russia and the United States (US). 

Coal imports also show a decline 

By value, coal and coke have been among the major product groups imported from Canada. However, the share has come down to 8.81 per cent in FY26 (until January).