Here are some India and Australia numbers to contemplate:
(Thanks to Bill Cole, Partner International, BDO, pictured below, for some of this data)
- Population: 24.6 million
- GDP: USD 1.3 trillion
- Top 5 Imports: Personal travel services, motor vehicles, refined petroleum and ships
- Top 5 Exports: Iron ore, Coal, Education travel services, natural gas and personal travel services
- Population: 1.339 billion
- GDP: USD 2.5 trillion
- Top 5 Imports: Petroleum products, gems, electronics, chemicals and machinery
- Top 5 Exports: Textiles, Gems, Chemicals, Products and Agricultural products
Top Trading Partners
Australia’s top 3 trading partners are China, Japan and the USA.
India comes in at number 7.
India’s top trading partners are China, USA and UAE, with Australia coming in at number 20.
So, what about the future?
Australia’s India Economic Strategy to 2035 Report:
- Recommends that by 2035 Australia lift India into our top three export markets, make India the third largest destination in Asia for Australian outward investment and bring India into the inner circle of Australia’s strategic partnerships
- Identifies 10 sectors where strengths of Australian businesses match India’s needs:
- Education (flagship)
- Agribusiness, resources and tourism (lead)
- Energy, health, infrastructure, financial services, sport, science and innovation (promising)
It is sure a “big picture” report – but with the right approach it can be achieved.
Seems PM Modi and PM Morrison are getting on well – so time for business, investment and education to pick up the baton and run with India. Ready?