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In the fast-moving economy of the business world, first world countries like Australia look forward to maintaining business opportunities overseas.
This relationship is beneficial to both countries involved in the partnership and it helps them improve their economic status in a global aspect.
India is one of the biggest countries of interest to such companies and organizations, of first world countries, looking to go international or expand their business overseas.
Australia and India have a well-built, mutually beneficial and productive partnership for years and because of the rapid economic and strategic growth shown by India in the recent years, opportunities for Australia’s relation with India have grown to larger scales.
Reasons for establishing businesses in India:
India has a high rate of economic and strategic growth. The economy is currently growing at a rate of 7 to 7.5 percent per annum. Such high rates easily attract the eyes of different businesses and they look into the marketing opportunities needed in India which they can provide. The reasons for this economic growth rate are mainly:
Consumerism
The middle-class population in India goes over three hundred million and is still growing. This promotes the increase in need of certain propositions and marketing. Opportunities for business, therefore, increase and hence this has a direct effect on economic growth.
International Population
The part of the population if India who has studied abroad, or worked overseas wants to bring back some of those learning and opportunities to their home country and help it improve on its own. These workings of entrepreneurs and organizations help maintain the economic growth rate.
International Businesses
India provides a widespread of communication skills and talents which overseas businesses eagerly look for and, therefore, provides partnership and opens up branches of their businesses in India.
Governments Influence
India’s government has taken steps to grow further than its international competitors. Their strategic-logistics show how far they have improved over the few years and the more amazing opportunities ahead. They have increased their profits in the industrial and IT sector opening up exciting new opportunities for companies to invest in them.
Opportunities – Australia’s Business Relationship with India
Australia has its own set of advantages doing business in India, because of its growing attraction in the world.
The advantages of doing business and investing in India include a national government system with clear powers recognized between the central government and state governments which are a liberal and friendly investment climate to work in.
It is easier communication because of the liberal and clear guidelines on foreign investment from other major markets of the world. This makes it easier to have business opportunities with India because of the clearly stated policies.
Not all regions of India have the same advantages. The main opportunities Australians found are in the following regions:
Delhi
- Roads, Urban infrastructure, Architecture and design
- Water and waste management
- ICT and IT consultancy
- Agricultural commodities
- Education and research institutions
Andhra Pradesh
- Biotechnology alliance
- Research partnership in nutrition and agriculture
- Hospital infrastructure
- Dairy farming and processing
- Sustainable and commercial fishing
Karnataka
- Innovation – nanotechnology, aerospace & defence
- ICT and healthcare
- Education and training
- Clean energy production
Tamil Nadu
- Advanced manufacturing
- Automotive technologies
- ICT and healthcare
- Agricultural technologies
- Urban Infrastructure
Kerala
- Higher Education Institutes
- Sports Development Partnership
- IC, healthcare, and biotechnologies
- Green technology innovation
Maharashtra
- Education and Skill Training
- Infrastructures, Architectures
- Water and Waste management
- Research: Collaboration
- Mining Skills and Technologies
- Clinical Trials
Gujarat
- Education and Skill Training
- Photovoltaic technologies
- Water and waste management
- Roads and Urban Infrastructure
- Agricultural technologies and Facilities
The Indian economy rate is expected to rise 5% by the year 2050 — which is greater than the predicted U.S. rates, according to research and studies. This kind of steady growth and the profusion of a highly-skilled workforce make India great for Australian businesses and investment opportunities for those seeking to grow beyond the U.S. borders.
This business partnership between the two countries has had its mutual profits and is increasing both their economic growth in the long run.
