Commerce and Industry Minister Suresh Prabhu Tuesday sold the India growth story to Australian Superfunds to attract the rich superannuation funds, valued at a whopping AUD 2.6 trillion, to the Indian markets.
The minister during his meeting with a five-member delegation of Australian Superfunds here highlighted that exposure of Australian super or pension funds to Indian market was still limited, despite continued greater than average market returns in the country, according to a release by the commerce and industry ministry.
During the meeting, the minister highlighted the potential of India growth story and assured them of stability and certainty of business in long term.
He said India provides abundant opportunities for Australian Superfunds and "our priority is to engage them to explore investing in India".
These superannuation funds valued at 2.6 trillion Australian dollar are one of the world's largest in terms of volume.
"The funds have exposure including in various international markets. However, their exposure to Indian markets is still very limited, despite continued greater than average market returns in India," the ministry said.
The bilateral trade between India and Australia increased to USD 18 billion in 2017-18 from USD 14.11 billion in the previous fiscal. Trade balance is highly in favour of Australia.
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