Driving Collaboration And Growth In Key Sectors.

India has a growing demand for critical minerals that Australia holds in abundance such as lithium, coal, iron ore, copper, nickel, potash and phosphate. India could secure supply of resources or enter into agreements, equity participation, or joint ventures with companies engaged in exploration and mining of critical minerals.

India’s demand for energy is set to outpace domestic supply, providing the largest contribution to growth in global energy demand through to 2035. Australia’s energy market is shifting its focus to sustainable, renewable sources of energy – something India has been focused on for some time. Indian counterparts could invest in renewable projects and solar farms in Australia while India could adopt smart grid technologies currently being developed in Australia.

With the largest tertiary age (18-22) population globally, India hopes to upskill 400 million people by 2022. Demand for education spans every sector of India’s economy. Australia’s tertiary education industry is robust, with a curriculum designed to deliver graduates ready and capable to immediately join the skilled workforce.

Australia’s agriculture sector is sophisticated and robust, using around 50% of it’s arable land for cultivating crops and livestock, with almost half of its overall yield exported globally. India’s agriculture output is large and employs a considerable portion of the population.

India has been ranked the top innovation destination in Asia and is the world’s third largest destination for imported research and development. Innovation will be crucial to maintaining India’s projected economic growth over the next twenty years.

India and Australia agreed to arrangements on defence and maritime cooperation, under the Comprehensive Strategic Partnership (CSP), including a Mutual Logistics Support Arrangement and a Defence Science and Technology Arrangement. The key areas for opportunistic collaboration between India and Australia would be participation in global supply chains, technology sharing and research and development.

Digital finance is expected to add $950 billion and 21 million jobs in India by 2025. India’s fintech industry is estimated to be valued at over $200 billion by 2025 and digital payments could surpass $1 trillion by 2030.

To meet demand through to 2040, India will need investments of $6.3 trillion into infrastructure. Investment by Australian investors, superfunds and banks could be encouraged into India’s infrastructure projects.

As India’s population grows, the demand for healthcare will also increase. In response, India’s healthcare sector will grow rapidly with increased medical infrastructure and government spending expected. Australia’s highly advanced and refined healthcare system is built on historical background and analysis of data while focusing on preventative care. While India’s healthcare is well developed in cities, there is room for improvement in terms of scope and reach across India.

India is one of the world’s largest exporters of reliable and cost effective pharmaceutical products in the world – yet only 1.6% of Australia’s pharmas are imported from India. India could look to increase exports to Australia by engaging relevant agencies and chambers of commerce to assist with registration for the Australian market.

India looks to Australia as a model in sports for achieving results so Australia’s support and partnership into India’s sport agenda could help to maintain further positive bilateral relationships with the two nations. Sports has become a priority for the Indian Government where demand now exists for better systems including performance at an elite level, sport management, training and governance – all of which Australia holds expertise.

Globally, the creative sector has a share of 5.5% of total output, in terms of value added. Like many other industries, the creative and arts sectors have taken a huge hit following the effects of the global pandemic. It’s significant output, however, shows this industry is one that requires both government support and policy as well as investment. Australia needs to take a deliberate approach and build on the existing successes of the cultural and creative economy in order to revive it’s creative industries following the significant blows they have taken in the wake of the pandemic.