Ottawa, March 31: The fast-growing economy of India is increasingly making it a favourable destination for investment by the Canadian companies, a senior government official has said.

Delivering a talk on "Indias Challenges and Promises", R L Narayan, the High Commissioner of India to Canada said the nation's strength was its strong democratic institutions, and unity in diversity.

"We see today, a confident India, young India which is poised to achieve more than eight per cent GDP growth in the next five year," he said. The meet was organised by India Canada Friendship Circle (ICFC) here.

The High Commissioner stressed that India needed more foreign investment in infrastructure, power, communication and education sectors.

More and more Canadian companies were coming forward to make investment in the country as they realised that Indian economy was one of the worlds fastest-expanding with annual growth rates ranging between eight to 10 per cent, he said.

Narayan said more and more Canadian educational institutions and universities were also establishing closer linkages with India for mutual benefits.

Although in terms of investment, Canada has a modest presence in India now, but it would explode soon, he said.

To a question on Tibet, the High Commissioner added "India recognized Tibet as an autonomous region of China. The government view is Tibet is a part of China, and Dalai Lama is spiritual leader of Tibetans".