By Gurmukh Singh

Toronto, June 16 (IANS) The topmost Indo-Canadian business honcho has urged Canadian companies to develop a concrete 'India strategy' to do business in the world's second fastest growing economy.

Kolkata-born Sabi Marwah, who as vice-chairman of Scotiabank is the highest-ranking Indo-Canadian in corporate Canada, says Canada must realise that it needs India, not vice versa.

Marwah, who spoke at the just concluded Pravasi Bharatiya Divas here, says India and Canada "need to more effectively use our business connections to promote two-way investment-and encourage Canadian companies to have a concrete 'India strategy'.''

The lack of such a strategy is reflected in the fact that India is way behind China in business ties with the world most resource-rich country.

" At current levels, Canada's trade with India is lagging behind the other emerging power - China - and traditional partners such as Europe.

"In raw numbers, imports from China in 2010 were more than $44 billion - compared to just over $2 billion from India,'' he says.

"Similarly, exports to India were $2.1 billion in 2010 - versus 6 times more at $12.8 billion to China.''

Regretting that Canadian businesses have not been 'proactive enough' on India, he says, "They must change the way they approach and adapt to India. The Indian market is different - and they have to be more innovative in managing the challenges they face.''

Stressing the need for a quick free trade agreement between India and Canada, he says the accord will have "potential gains of at least $6 billion to each economy and a boost to bilateral trade of 50 percent.''

Urging Canada to increase student enrollment from India, he says, "Last year, around 10,000 Indian students came to Canada for higher education - but I would note that this is only 5 to 10 percent of the total number of Indian students who went to study abroad - we still have much room to grow.''

Marwah's Scotiabank is the most active Canadian bank in India with five branches.

In fact, ScotiaMocatta, the bank's precious metals division, "is now one of the largest precious metals dealers in India, and was voted the Best Bullion Bank in 2007, 2009 and 2010. We are prepared to invest further in India, and eagerly await a change in regulation that will allow us to do so,'' he says.