The key actions for the first 12 months include a MoU between Austrade and Invest India, increasing direct flights between Australia and India and establishing an Australia-India Food Partnership.
Australian Government has laid out a roadmap to boost country’s economic ties with world’s fastest-growing major economy, India, as they host Indian President Ram Nath Kovind’s visit to Australia.
Prime Minister Scott Morrison today met with India’s President Ram Nath Kovind during his visit to Sydney, the first Indian President to visit Australia where they discussed Australia’s response to the India Economic Strategy; a blueprint to transform our economic engagement.
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.”
While endorsing the report and providing in-principle support to the 20 priority recommendations, Minister for Trade, Tourism and Investment, Simon Birmingham said they will work towards providing practical support for Australian businesses engaging with India.
“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.
“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,” Minister for foreign affairs, Marise Payne said.
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 the progress of the Government’s response and ongoing implementation of the India Economic Strategy.
Confederation of Indian Industry (CII) to launch Australian chapter
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.”