No single market over the next 20 years will offer more growth opportunities for Australia than India, a new report finds.
An India Economic Strategy to 2035: Navigating from Potential to Delivery identifies 10 key sectors where Australia’s competitive advantages match India’s needs, and 10 states in India where exporters should focus efforts.
Commissioned by the federal government, the report was released by Mr Peter Varghese, Chancellor of the University of Queensland and former Secretary of the Department of Foreign Affairs and Trade.
“The Government commissioned this report to look beyond the immediate horizon and provide a roadmap for unlocking the opportunities that will help India and Australia grow together,” Trade Minister Steven Ciobo said.
“It is about cementing India as a priority economic partner.”
Mr Ciobo said while Australia has enjoyed 27 years of consecutive annual economic growth, it must continue to seek out new markets and opportunity.
Third largest economy
“By 2035, India will overtake China as the world’s most populous country,” he said. “It is poised to become the third largest economy, after China and the United States.
“The foundations for an enhanced economic partnership with India are strong.”
A Foreign Policy White Paper places India in the front rank of Australia’s international partnerships, recognising its converging strategic interests.
Mr Ciobo says the Government will consider its response to Mr Varghese’s report following consultation with Australian and Indian stakeholders.
“Implementation of the report’s findings will give similar priority to the economic dimension of our relationship,” he said.
A copy of the report can be found at: indiaeconomicstrategy.dfat.gov.au.