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Aus govt releases report to boost economic ties with India

Press Trust of India  |  Melbourne 

The has released an Economic strategy report recommending to lift New into its top three export markets and make it the third largest destination in for its outward investment.

The report titled 'An Economic Strategy to 2035' -- authored by former Australian to -- was welcomed by Australian yesterday.

The report said it would see Australian exports to India grow from AUD 14.9 billion in 2017 to around AUD 45 billion in the next 20 year, and outward Australian investment to India rise from AUD 10.3 billion to over the AUD 100-billion mark, reflecting a transformational expansion of the relationship.

It noted that the opportunities however would not fall into its lap and that the government would require a sharper national focus on India, an unambiguous commitment by Australian business and a deeper understanding by both government and business of the magnitude of what is unfolding in an Indian market place which will only get more crowded.

''They will also require an approach to the investment relationship with India that markedly differs from the trajectory of Australian investment in most other Asian markets,'' the report said.

The foundations for an enhanced economic partnership with India are strong, underpinned by people-to-people ties and shared values. The report has identified ten sectors where Australia's competitive advantages match India's needs, and ten states in India where should focus efforts.

for Trade, Tourism and Investment said the government commissioned this report to look beyond the immediate horizon and provide a roadmap for unlocking the opportunities that will help India and grow together.

"It is about cementing India as a priority economic partner," Ciobo said, adding that must continue to seek out new markets and opportunity.

The report said no single market over the next 20 years would offer more growth opportunities for Australia than India. By 2035, India will overtake as the world's most-populous country. It is poised to become the third largest economy, after and the United States, he added.

The said that the Government will consider its response to the strategy report following consultation with Australian and Indian stakeholders.

Welcoming the strategy paper, Melbourne-based think tank (AII) said the document outlines a confident vision for the future of economic relations between Australia and India. At the same time, it warns against complacency, urging us all to do more in pursuit of stronger ties between our two nations.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 13 2018. 08:15 IST