India economic growth good for Australia
India’s continued economic growth will provide a number of export and investment opportunities to Australia, according to Austrade’s New Delhi-based senior trade commissioner Peter Linford.
“India is Australia’s fourth largest export market, with merchandise exports growing by 65 percent from the previous year to $15.4 billion in 2008/09. But there are more opportunities for growth,” he said.
“India’s domestically driven-economy is 12th largest in the world and expected to grow at an average of over eight percent for the next decade. India’s 350 million consumer class with their significant spending power and increasingly western tastes are fuelling the growth in the country’s organised retail sector, which is expected to increase US$140 billion this year.”
Foreign direct investment (FDI) flows into and out of India have also encouraged growth and development, and exports were expanding beyond the traditional sectors of commodities and agribusiness with education, sports, tourism and leisure strengthening.
India had also become a gateway for other markets such as Bangladesh, Nepal, Maldives, Sri Lanka and Pakistan, said Linford.
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