India is likely to pass the United Kingdom in the world’s largest economy rankings in 2019, becoming number 5, according to a report by global consultancy firm PwC.
The report said: “While the UK and France have regularly switched places owing to similar levels of development and roughly equal populations, India’s climb up the rankings is likely to be permanent.”
PwC’s report projects real GDP growth of 1.6 per cent for the UK, 1.7 per cent for France and 7.6 per cent for India in 2019.
PwC’s Global Economy Watch is a short publication that looks at the trends and issues affecting the global economy and details its latest projections for the world’s leading economies.
Really engaging with India becomes a smart step for anyone in business, politics or education – but start with the right strategy.
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Author: Stephen Manallack
Former President, Australia India Business Council, Victoria and Author, You Can Communicate; Riding the Elephant; Soft Skills for a Flat World (published by Tata McGraw-Hill INDIA); Communicating Your Personal Brand.
Director, EastWest Academy Pty Ltd and Trainer/Speaker/Mentor in Leadership, Communication and Cross Cultural Communication.
Passionate campaigner for closer western relations with India.
Stephen Manallack is a specialist on “Doing Business with India” and advisor/trainer on “Cross-Cultural Understanding”. He is a Director of EastWest Academy Pty Ltd which provides strategic advice and counsel regarding business relations with India.
A regular speaker in India on leadership and global communication, his most recent speaking tour included a speech to students of the elite Indian university, Amity University, in Noida. He also spoke at a major Federation of Indian Chambers of Commerce and Industry (FICCI) global summit, the PR Consultants Association of India in Delhi, the Symbiosis University in Pune and Cross-Cultural Training for Sundaram Business Services in Chennai. He has visited India on business missions on 10 occasions and led three major trade missions there. He provides cross-cultural training – Asia and the west.
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Into India 
Australia – No point in putting India in the back burner. There are growing opportunities to further Australia-India bilateral trade and relations with traction. Today the commercial relevance of India to the Australian economy is recognized, both at the federal and state level in Australia. The latest news is that the bilateral trade has increased by 11% currently over the 2016 official figures shown below.
Bilateral Trade: India’s trade in goods and services with Australia was approximately US$ 15.6 billion (A$20.7 bn) in 2016. India’s exports to Australia stood approximately at US$4.6 billion (A$6.1 bn) in 2016 while India’s import from Australia during the same period stood at US$11 billion (A$14.6 bn). India’s main exports to Australia are Passenger Motor Vehicle & machinery, Pearls, Gems and Jewellery, medicaments and Refined Petroleum while our major imports are Coal, Non-monetary Gold, Copper, Wool, Fertilizers and education related services.
The two countries are currently discussing a Comprehensive Economic Cooperation Agreement (CECA) which will provide greater market access to exporters of goods and services. The two sides have exchanged their goods and services offer lists. It is expected that the conclusion of the CECA will expand the base of merchandise trade, remove non-tariff barriers, encourage investment and address the border restrictions to trade. India is also seeking to address its adverse balance of trade in Goods and Services through specialized market access for its products. During his recent visit to India, Prime Minister Turnbull confirmed that CECA was still “on the agenda” and both countries remained committed to it.
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