A recent report to the Federal Government by Mr Peter N Varghese AO, Chancellor of Queensland University, highlights strategies to help Australian business make the most of opportunities in India through to 2035.
The report breaks down its analysis by sector:
- Resources & Mining, Equipment, Technology & Services
- Infrastructure, Urban Development & Transport
- Financial Services
- Science & Innovation
- Defence & Security
- India is the world’s third largest economy measured in purchasing power parity (PPP) terms and, on some measures, will be the fastest growing large economy in the world in the coming years.
- India will enjoy an average of around 6 per cent annual growth over the next two decades.
- Responses to climate change and environmental pollution will open up opportunities for Australian capabilities.
- The report highlights the opportunity for partnership combine complementary skills and expertise to develop new innovations by combining Australian research and technology with India’s record of frugal innovation to scale up innovations or create new products.
The report also makes a lot of recommendations to the Government on how to support Australian companies in India.
Given our direct experience, we agree with those recommendations.
ECT has been busy blazing a trail in India, developing its relationships and project over the past 4 years, culminating in the signing of a historic agreement for the largest ever R&D collaboration between our two countries.
India is on the rise. Australia is positioned to ride the trend. And ECT, with its Coldry and Matmor technologies, is positioned to provide solutions that span several sectors, including science and innovation, technology, resources and energy.