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Last updated: 12 Nov, 2019  

India.Australia.9.Thmb.jpg 'India's Australia economic strategy nears completion'

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SME Times News Bureau | 12 Nov, 2019

Peter Varghese AO, Author of “India Economic Strategy”, Former Secretary of the Department of Foreign Affairs and Trade, stated that India is one of the fastest growing economies in the world and there is still potential for a bilateral agreement with the country.

He was speaking at an Exclusive Interaction Session on “India and Australia Economic Strategy” organized by the Confederation of Indian Industry (CII) in New Delhi today.

The event was attended by a delegation of senior journalists from Australia. According to Mr. Varghese, there is less understanding in corporate Australia about what is happening in India and the report lays out the current scenario of India.

Varghese noted that there had been considerable changes including India's jump up the rankings in doing business and a greater liberalisation on investment policy. He called for businesses to look at the long term potential of the country. He was of the view that India would be better off being part of regional trade agreements.

We are in a position today where both the governments are equally interested in building a futuristic relation between the two countries. The draft ‘Australian Economic Strategy’ report lays out 10 futuristic sectors of collaboration between the India and Australia.

Australia is looking at India seriously in terms of investment and we are happy by this move. This was stated by Ambassador Anil Wadhwa, Lead “Australia Economic Strategy”, Former Secretary (East), Government of India and Distinguished Fellow, Vivekanand International Foundation.

Ambassador Wadhwa also highlighted that the report covers opportunities across emerging areas like mining, resources, education, medical and water technologies, space technology and manufacturing which have major relevance in the future aspirational plans of both countries.

Further improvements on regulation of visas and mining developments would be a focus in the finalisation of the report. The two reports together will create a profile for future engagement between India and Australia.

There lies huge untapped potential where collaboration can take place between India and Australia. This was stated by Mr. P Harish, Additional Secretary (ED & States), Ministry of External Affairs, Government of India.

Harish noted that the States in India are an integral part of our foreign policy strategy and the country was leveraging their energies and contribution to strengthen India’s development.

He was of the view that the major issue faced between the two countries is connectivity. Lack of direct flights hampers tourism as well as businesses.

He also listed out the unexplored sectors like IT and ITEs, banking, fintech, gems and jewelry where there can be collaboration between India and Australia.

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