INDIA AND AUSTRALIA: IDEAL BUSINESS PARTNERS?
Daisy Akhtar | On 01, Aug 2017
What attracts India to Australia so much? The answer lies in India’s development goals. The subcontinent’s GDP is set to grow from $US7 trillion to $38 trillion by 2040, and Australia is uniquely positioned to cater to its economic needs.
The fact that Australia is a ‘benchmark’ for mining industry practices has seen many Indian manufacturing companies queue up to benefit from its expertise. Among them is Indian conglomerate Carborundum International.
Sushil Kumar of CUMI Australia, a subsidiary of the engineering giant appreciates Australia’s thorough understanding of mining technology which is invaluable for his company’s growth objectives.
“What we found in Australia was equally they are rich in mineral resources, but it was also their understanding of technology and their current industry practices was quite attractive for our company to come here,” he said while speaking at the national energy and resources forum, held in Mackay.
Jim Varghese executive director of business development at the Australia India Institute says India is poised to become the fifth largest consumer market in the world in the next decade. He believes this will create increasing demand for power and infrastructure which presents business opportunities for Australia to exploit including higher education, agriculture, and technology as well as defense.
Nik Senapati of the Australia India Business Council is another businessman who recognizes the unique relationship between the two countries. The contrast between the two – Australia with its large land mass and small population versus India with its smaller geographical area and huge population – presents a rare opportunity for the two to benefit from a symbiotic relationship.