Good morning. India has invited Prime Minister Mark Carney for talks early next year – a move that could restore trade momentum to a relationship frozen since 2023. That’s in focus today – plus, the reason Canadian investors keep leaving money on the table.

Takeovers: Fund management giant Fidelity Investments is threatening to vote against Cenovus Energy Inc.’s friendly deal with MEG Energy Corp., putting the $8.6-billion marriage at risk.

Telecoms: Rogers Communications reports earnings this morning as its Sportsnet division prepares to produce the first made-in-Canada World Series broadcasts for its home audience.

Tickets: Ontario Premier Doug Ford is considering resale price-cap legislation, which his government had previously scrapped.

Teck: The miner is seeking to ease investor concerns around a copper joint venture with Anglo as a shareholder vote looms.

After two years of diplomatic strain following the killing of Sikh activist Hardeep Singh Nijjar in British Columbia, relations between Ottawa and New Delhi are slowly thawing. India has invited Prime Minister Mark Carney for talks with its Prime Minister, Narendra Modi, early next year – a visit that could pave the way for renewed trade and technology partnerships.

To understand what’s behind the new signs of friendship, I spoke with Vina Nadjibulla, vice-president of research and strategy at the Asia Pacific Foundation of Canada, about what’s changed in the relationship, how Canadians view India, and why pragmatism is replacing moral distance.

Why is this moment between Canada and India so significant?

What we’re seeing is an intentional reset after a very difficult period. Canada had identified India as a critical partner in our Indo-Pacific strategy, recognizing its rise as a regional and global power – now the fourth-largest economy, an important leader of the Global South, and a key player in balancing China’s influence. The relationship stalled after the diplomatic crisis in 2023 and 2024, but both governments are clearly trying to move past that. With the Carney government, we’re seeing a road map for rebuilding ties that’s ambitious and rooted in both security co-operation and economic engagement.

What are the key areas of co-operation?

There’s real complementarity between our two economies. India’s middle class is growing; it needs investment, food, energy and agricultural products – areas where Canada excels. Both governments also prioritize technology, artificial intelligence and critical minerals. In [last week’s] joint statement, we see all of those priorities reflected. India wants energy security and sustainable growth, and Canada wants to diversify away from the U.S. market and reduce its reliance on China. Both have strong incentives to deepen that partnership.

How do Canadians view this relationship now?

We just released new polling with Angus Reid that shows a majority of Canadians support the diplomatic reset launched by Prime Minister Carney. But overall perceptions of India remain more negative than positive. Only about a third of Canadians say they know much about India at all, which is lower than their knowledge of Japan or China. The unfavourable views are a lingering effect of the past two years – the allegations of foreign interference and transnational repression.

Have economic pressures changed those attitudes?

Yes, Canadians are becoming more pragmatic. In our survey, whereas before most prioritized rule of law and human rights in relations with India, they are now evenly split – half continue to value those issues most, and half see economic co-operation as equally important. I think that reflects where we are right now: People understand that we need to advance both values and interests. Effective diplomacy should never be a binary choice between the two.

Immigration policy has also shifted. Has that affected perceptions of India?

To some degree, yes. India is one of the largest source countries for immigration to Canada – students, temporary workers, permanent residents – so any change in attitudes toward immigration inevitably affects how Canadians view India. But both governments are focused on moving forward. Canada and India are trying to build a more balanced dialogue that includes security and law-enforcement co-operation while broadening the agenda to cover trade, energy and technology.

What’s feeding into the way Canadians perceive India and the Indo-Canadian community right now?

The Indo-Canadian community is much more than one group. When people talk about it, the focus often narrows to Sikh Canadians – and within that, to those active in the Khalistan movement. But the community is far more diverse and pluralistic. Not all Sikh Canadians support separatism, and not all Indo-Canadians are Sikh. There’s a wide range of religious and regional identities that make up the community. Recognizing that diversity is essential if we want to understand Canada’s relationship with India in a more nuanced way.

What should Canadians take away from the joint statement?

That both governments are serious about co-operation – and that Canadians are right to want both prosperity and principle. We can uphold human rights and the rule of law while building deeper economic ties. That’s what effective statecraft is supposed to do.