A new report prepared by former Secretary of the Department of Foreign Affairs and Trade (DFAT), Peter Varghese has identified India as the international market offering Australia the most growth opportunities over the next 20 years.
Mr Varghese’s report, An India Economic Strategy to 2035: Navigating from Potential to Delivery, was commissioned by DFAT to look beyond the immediate horizon and provide a roadmap for unlocking opportunities to help India and Australia grow together.
Releasing the report, the Minister for Trade, Tourism and Investment, Steve Ciobo said it was about cementing India as a priority economic partner.
“Australia has enjoyed 27 years of consecutive annual economic growth, but we must continue to seek out new markets and opportunity,” Mr Ciobo said.
“The report judges that no single market over the next 20 years will offer more growth opportunities for Australia than India”
He said that by 2035, India will have overtaken China as the world’s most populous country and it was poised to become the third largest economy, after China and the United States.
He said India’s scale alone encouraged ambition, but it was the complementarities between the two economies that would determine success.
“The foundations for an enhanced economic partnership with India are strong, underpinned by people-to-people ties and shared values,” the Minister said.
“The report identifies 10 sectors where Australia’s competitive advantages match India’s needs, and 10 States in India where we should focus efforts.”
He said the Government would consider its response to Mr Varghese’s report following consultation with Australian and Indian stakeholders.
Mr Varghese’s 504-page report can be accessed at this PS News link.
