Organised by Australia India Business Council, Ravi Narayan, the CEO of T-Hub based in Hyderabad spoke about opportunities for cross-collaboration between Australia and India at the Indian Consulate in Melbourne on Thursday evening.
Time to enter the Indian market is now, according to the head of one of India’s leading innovation ecosystem, Ravi Narayan.
“India is the fifth-largest economy in the world, largely English-speaking and one that aspires to become a $5 trillion economy in coming years. It is a very technology savvy market and the appetite for digital products is very high,” Mr Narayan told SBS Hindi.
Mr Narayan, the CEO of T-Hub based in Hyderabad spoke about opportunities for cross-collaboration between Australia and India at the Indian Consulate in Melbourne on Thursday evening.
Organised by Australia India Business Council, Mr Narayan shared his thoughts on how to connect Australia-India startups and innovation ecosystems.
“Australia and India are very well placed to collaborate in the digital space especially in data sciences, Artificial Intelligence, Machine Learning, Blockchain technology and Internet of Things,” he told SBS Hindi.
“India may have literacy challenges but their digital literacy is very high and it is a big digital market out there.
“Fintech, education tech and health tech and e-governance are also some sectors, I would say, where Australia and India can benefit by working together,” he said.
“I have seen some really interesting startups in Australia on my visit this time. I am really fascinated by how some of these Australian entrepreneurs are thinking about solving some problems and the Indian market is a tremendously large market for them,” he said.
“India provides a huge opportunity for Australian startups.”
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India was Australia's eighth-largest trading partner and fifth-largest export market in 2018-19, driven by coal and international education.
Two-way goods and services trade with India was $30.3 billion in 2018-19, and the level of two-way investment was $30.7 billion in 2018.
Australia has an ambitious agenda to expand its trade and economic relationship, as outlined in the India Economic Strategy (IES), which was released in July 2018 and endorsed by the Australian Government in November 2018.