Road map for Australia-India economic ties released
Chennai: Michael Costa, Australia Deputy Consul-General for South India, has released a roadmap for deepening Australia-India economic ties over the next two decades, ‘An India Economic Strategy to 2035: Navigating from Potential to Delivery’, the Australian Government is stepping up our engagement with India. He highlighted the role that Australian Alumni can play in bridging the cultural gap between both nations and strengthening business connectivity.
Australia has adopted a ‘sectors and states’ framework identifying ten sectors where Australia’s competitive advantages match India’s needs, and ten states where the regulatory environment is most conducive for Australian business. Education is Australia’s flagship sector, with Tamil Nadu a priority state.
Over the next 20 years, the growing India will need many of Australia's goods and services – including in education, agriculture, energy, resources, tourism, healthcare, financial services, infrastructure, science and innovation, and sport. There's no single major market out to 2035 with more growth opportunities for Australian business than India.
Australia's ties with India are long-standing and strong. What's now needed is a step change in the economic partnership, led at the highest levels of government and business. The India Economic Strategy is an ambitious plan to transform Australia's economic partnership with India out to 2035. Getting the Strategy right will strengthen the resilience of the Australian economy and help realise India's aspirations.
Australia has planned to encourage young Indian entrepreneurs and business leaders to innovate, take risks, and explore partnerships with Australian companies to help drive future economic growth in both countries. Indians are already the largest growing diaspora community in Australia and Indian business could play a more prominent role in improving ‘India literacy’ across Australia.