Australian Prime Minister Scott Morrison on Thursday said that India was the world's "fastest-growing major economy" and offers "more opportunity for Australian business for over next 20" years.
"India is the world's fastest-growing major economy and offers more opportunity for Australian business over the next 20 years than any other single market," Prime Minister Morrison said.
Referring to a report titled "India Economic Strategy," Morrison said, "It is a blueprint that transforms Australia's economic engagement with India. This report provides a roadmap for our economic future with India."
The report, released in July 2018 by the Government of Australia, recommends practical measures to cement India as its top economic partner. The report recognizes India as one of its key international trading partners.
"Our work will focus on greater economic engagement, targeting 10 Indian states, and ten key sectors while providing practical support for Australian businesses entering or expanding operations in India," Senator Simon Birmingham further noted.
"India and Australia are both committed to strengthening regional institutions and ensure markets remain open and facilitate the free flow of trade, capital, and ideas," Marise Payne, Minister for Foreign Affairs, was quoted saying.
"India is set to become the world's third largest economy by 2030 and reaching this goal will see India as a key driver of continued global economic growth," Payne added.
In order to achieve a set target for next 20 years (2035), the Australian government signed a Memorandum of Understanding (MoU) between the Australian trade agency Austrade and Invest India to promote bilateral investment flows. It has also established an Australia-India Food Partnership which would open new opportunities for agri-tech and services companies.
In addition to this, the Australia-India Strategic Research Fund would be granting up to
US $ 500,000 that has been designed to help researchers solve challenges shared by both nations, including energy storage, marine science, and plant genomics.
The plan also looks forward to the expansion of Australia-India Mining Partnership at the Indian School of Mines, connecting Australian companies to India's minerals-rich North Eastern states, supported by the new Consulate-General in Kolkata, India. Also, an engagement has been signed with airlines to increase direct flights through the Australia-India air services agreement.
Ministers across education, agribusiness, resources, and tourism will oversee the progress of the Government's response and ongoing implementation of the India Economic Strategy, the report said.
President of India Ram Nath Kovind is on his maiden visit to the island nation as the Head of Indian State.
The Prime Minister, along with the Minister for Trade, and Minister for Resources joined President Kovind at the launch of the Australian chapter of the Confederation of Indian Industry-India Business Forum, which will serve as a platform for networking and policy advocacy for Indian businesses here in Australia.
"I look forward to continuing discussing the opportunities presented in the India Economic Strategy with President Kovind, and how we can continue to work together to develop enhanced economic ties," the Australian Prime Minister said. "Today's steps are only the first on a long journey that will see Australia and India grow together," he added.
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