Government of India will officially release the Australia Economic Strategy (AES) during the Australian Prime Minister Scott Morrison’s visit to India in January next month.
A first of its kind, the Australia Economic Strategy (AES) report is authored by Ambassador Anil Wadhwa, former Secretary (East), Ministry of External Affairs, to complement Australia’s India Economic Strategy 2035 which was authored by former Secretary of the Department of Foreign Affairs and Trade, Australia and Former High Commissioner of Australia to India Peter Varghese.
In his report, Mr Wadhwa has strongly recommended that “future engagement between Australia and India should be driven by timelines and strong execution.”
Speaking at an exclusive boardroom briefing on ‘Opportunities with New India’, organised by the leading Australia India trade and investment-focused corporate advisory firm, Newland Global Group in collaboration with the Consulate General of India and KPMG in Sydney, Mr Wadhwa said, “The emphasis of the AES report is on some major industry sectors (Critical minerals, Mining Equipment and Technology Services, Medical Devices and Technology, Soil Mapping, Blue Economy, Sports Management and Sports Technology, Innovation and Research, Agri-tech, Health-tech, Water Management, Food Processing and Food Storage, Energy Efficiency and Renewables) and emerging fields for the future, creative ideas and areas in which Australia and India have not engaged with each other.”
Mr Wadhwa noted that there had been considerable changes, including India’s impressive rise in the World Bank’s Ease of Doing Business Ranking and a greater liberalisation on investment policies. He called for businesses to look at the long-term potential of India. The two reports (IES and AES) together will create a roadmap for the future economic engagement between India and Australia.
According to a statement by the Newland Global Group, the event was attended by prominent industry leaders, representing Mining & Resources, Pharma, Financial Services, Agri-tech, Renewable Energy, Sports and METS sectors to name a few.
Mr Dipen Rughani, CEO Newland Global Group and Former Chairman, Australia India Business Council, highlighted a positive shift in the Australia India relations since the visit of Indian Prime Minister Narendra Modi to Australia in November 2014.
Mr Rughani said, the three D’s – democracy, demographics, and demand – powered by digitisation and decentralisation, are unlocking new market opportunities.
“India today stands at the cusp of three vital transitions, as it aims at transforming itself from an emerging to a developed market economy. These are rural to the urban, farm to factory, and informal to formal.”