Boosting our economic ties with India
Today the Liberal National Government is pleased to release Australia's response to the India Economic Strategy; a blueprint to transform our economic engagement.
The Government commissioned Mr Peter Varghese AO to write the report which was released in July 2018. An India Economic Strategy to 2035: Navigating from Potential to Delivery recommended practical measures to cement India as a top economic partner.
"This report provides a roadmap for our economic future with India," said Prime Minister Scott Morrison.
"India is the world's fastest growing major economy and offers more opportunity for Australian business over the next 20 years than any other single market."
The Government endorses the report and provides in-principle support to its 20 priority recommendations.
"Our work will focus on greater economic engagement targeting ten Indian states and ten key sectors, while providing practical support for Australian businesses entering or expanding operations in India," said Minister Simon Birmingham.
"We thank Mr Varghese AO for his important work."
India is now one of Australia's key international partners.
"India and Australia are both committed to strengthening regional institutions and ensure markets remain open and facilitate the free flow of trade, capital and ideas," Minister Payne said.
"India is set to become the world's third largest economy by 2030 and reaching this goal will see India as a key driver of continued global economic growth."
With a span out to 2035, the Government has agreed on an initial implementation plan. Key actions for the first 12 months include:
- A Memorandum of Understanding between Austrade and Invest India to promote bilateral investment flows
- The establishment of an Australia-India Food Partnership, opening up new opportunities for our agri-tech and services companies
- Australia-India Strategic Research Fund grants of up to $500,000 designed to help researchers solve challenges shared by both nations, including energy storage, marine science and plant genomics
- The expansion of the Australia-India Mining Partnership at the Indian School of Mines, connecting Australian companies to India's minerals-rich North Eastern states, supported by the new Consulate-General in Kolkata
- Engagement with airlines to increase direct flights through the Australia-India air services agreement.
Ministers across education, agribusiness, resources and tourism will oversee progress of the Government's response and ongoing implementation of the India Economic Strategy.
The Prime Minister is hosting President Kovind in Australia this week, the first Indian President to visit our shores.
The Prime Minister, along with the Minister for Trade, and Minister for Resources will join President Kovind today at the launch of the Australian chapter of the Confederation of Indian Industry – India Business Forum, which will serve as a platform for networking and policy advocacy for Indian businesses here in Australia.
"I look forward to continue discussing the opportunities presented in the India Economic Strategy with President Kovind, and how we can continue to work together to develop enhanced economic ties," said the Prime Minister.
"Today's steps are only the first on a long journey that will see Australia and India grow together."
- Minister's office: (02) 6277 7500
- DFAT Media Liaison: (02) 6261 1555