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
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 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
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
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.