The AICC National Industry Groups are focussed on key sectors identified in the India Economic Strategy (to 2035). With representatives from each state as well as from India, AICC National Industry Groups will address opportunities in sectors and key issues that can lead to successful commercial outcomes across both countries. See an overview of key sectors below.Get Involved
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.
Australia could import high quality manufactured renewable energy equipment from India. Further, India and Australia could collaborate on renewable research programs.
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 is well placed to meet India’s education needs across secondary, university, and vocational sectors. Research and development collaboration will help transform both our economies.Read More
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.
Furthermore, India has an appetite for commodities (especially pulses, grains, horticulture, oilseeds of which India has a shortfall), premium products, and services and technology. India has a demand for agri-services, consulting and technology where Australia has expertise, such as soil health, food waste and water management.
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.
Australian expertise in agri-tech, health, water management, energy efficiency, and renewables is highly valued in India’s growth plan, and Indian expertise in data analytics, biotech, and mobile applications will prove to be invaluable to Australian innovation as technology advances further into the information age over the next two decades.Read More
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.
Further, the Indian Government has opened the defence industry for private investment, meaning Australian manufacturers of defence equipment could enter into arrangements with their Indian counterparts and vice versa. In addition to this, Australian businesses could invest in or establish joint ventures with Indian companies to help satisfy both India’s defence as well as domestic requirements.
On the subject of security, digitisation with global economies has become a standard – which poses threats of hacks and cyber security. Australia requires skilled technological staff in this field of which India possesses. A collaboration exists for Australia to tap into India’s highly skilled resource pool for this sector.Read More
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.
There is boundless opportunity for Australian businesses to partner with India’s financial sector including in the general insurance and infrastructure segments as well as within niche markets that aren’t dominated by state ownership. Telecommunications, the high uptake of mobile phone use, digital payment systems and mutual funds are markets anticipated to escalate.
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.
Further partnerships exist for Indian businesses to collaborate with Australian municipal bodies and companies to leverage off of Australia’s city planning expertise. Joint ventures could be increased between Indian infrastructure companies and their Australian counterparts.
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.
Australia could utilise India’s skilled IT workforce for medical coding and analytics. In reverse, Australian programs could be used to upskill India’s nurses and allied healthcare staff and expert consultants from India could offer opinions, advice and consultation on medical report for Australian patients.
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.
Further collaboration could occur in areas such as vaccine development – the recent COVID-19 pandemic highlighting the importance of international scientific collaboration. In addition to the move to increase Indian pharmaceutical exports to Australia, traditional India health practices such as yoga and Ayurvedic medicine could be further promoted to Australians and Indian Disaspora who place importance on alternate medicine.
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.
The sports industry in India reached $2.7 billion US dollars in 2018 and with the growing consumer class in India, the demand for sports training, goods and sponsorship is developing. Partnerships could be sought within the sport technology field across multiple levels including Governments, training academies, private players and information and communication companies.
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.
India has strategies in place, strategically combining industries that rely on individual creativity, and that have the potential for wealth and job creation through the generation of intellectual property. This alone presents ample opportunities within the creative sectors across both nations for partnership and collaboration.