Recently the Australia Economic Strategy Report 2020 was presented to Australia’s High Commissioner to India Hon’ble Barry O’Farrell.
The report has been prepared as a response to the India Economic Strategy Report, 2035, released by Australia in July 2018.
It has been put together by the Confederation of Indian Industry (CII) team, led by Ambassador Anil Wadhwa, Former Secretary (East), Ministry of External Affairs, with contribution from KPMG in India.
The report notes that “The current economic, political and business environment in India and Australia has created a platform to supplement collaborative efforts to give an impetus to trade and investment between the two countries.”
The report establishes that India has the potential to increase its exports of goods and services to Australia from USD 5 billion in 2018 to USD 15 billion in 2025 to USD 35 billion in 2035. This would mean that India’s goods exports to Australia could grow from USD 3.7 billion in 2018 to USD 10 billion in 2025 to USD 20 billion in 2035. This would also mean that India’s service exports to Australia could grow from USD 1.7 billion in 2018 to USD 5 billion in 2025 to USD 15 billion in 2035.
With successful programs such as ‘Make in India’ and focus on ‘Ease of Doing Business’ offered along with a strong track record of both economic growth by the Narendra Modi led government in its second term can boost the two nations’ future growth plans especially in natural and mineral resources, innovative technologies, agribusiness, healthcare and pharmaceuticals, IT, infrastructure, defence, space, tourism, etc.
Apart from these abovementioned areas, the AES report also looks at opportunities across certain emerging areas such as labour intensive services, defence, sports, textiles, digital gaming, water management, space collaborations and education technologies, which may have a definite relevance in the future aspirations of both countries.
It is hoped that this report would serve as critical action points for policymakers and governments of the world’s two leading liberal democracies by fostering growth and development of closer ties.
