Australia releases economic strategy for India, aiming to boost bilateral agreements

On 2 August, Australia released an economic strategy for India aiming to strengthen the relationship between the two nations.

The report, titled ‘An India Economic Strategy to 2035: Navigating from Potential to Delivery’, was written by Peter Verghese, the former Secretary of the Department of Foreign Affairs and Trade.

“The Government commissioned this report to look beyond the immediate horizon and provide a roadmap for unlocking the opportunities that will help India and Australia grow together,” the government posted on its website.

“It is about cementing India as a priority economic partner.”

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The government-commissioned strategy focuses on trade and economic opportunities across 10 sectors, targeting 10 states across India.

The sectors include: ‘Resources and Mining, Equipment, Technology & Services’, ‘Energy’, ‘Financial Services’, ‘Investment’, ‘Agribusiness’, ‘Health’, ‘Sport’, ‘Education’, ‘Tourism’, and ‘Infrastructure, Urban Development & Transport Infrastructure’.

Australia’s government argues that over the next 20 years, India will be able to offer the country more growth opportunity than any other market.

India is anticipated to become the most populous nation across the globe by 2035, with its economy expected to be ranked the third largest.