Not since China’s rapid rise in the 1990s have people been so excited about what the Australian DFAT describes as an ‘unprecedented economic opportunity’.
, along with his trade and resource ministers and some of the country’s most high-profile chief executives, is a serious show of intent – and it follows a stream of similar recent trips by other cabinet ministers and university leaders.
ANZ’s institutional business is growing in the country, and it employs 7500 people in a services hub that Elliott says gives the bank a competitive edge, thanks to top-notch tech skills. India is also liberalising. It is still largely an agricultural economy dominated by millions of small farmers who produce crops and milk for domestic consumption, and collectively they have massive political clout. In 2020, their representatives persuaded the Modi government to bow out of a major multilateral trade deal between 15 Indo-Pacific countries including Australia – the Regional Comprehensive Economic Partnership – at the last hour.
About 87 per cent of the services Australia exports to India are education-related and are worth $6 billion to the economy, according to the Department of Foreign Affairs and Trade. Pre-COVID-19, the number of Indian students in Australia trailed those from China, the biggest market, but that could change soon.
India also wants to move its institutions up the world rankings – PhD candidate Jyoti Arora is one of 63 researchers awarded an Australia India Research Students Fellowship. The bilateral program, the first of its kind, is funded by the Department of Education and led by the Australia India Institute. “I’m keen to find out what strategies Australian universities use to both attain a high ranking and then keep it,” Arora says.
“India has some of the best and brightest in the world, and we should be offering paths to permanent migration and more mobility options for people to move between the two countries,” Singh says.India is a big buyer of Australian coal. In 2021, Australia’s metallurgical coal exports to India, the world’s largest customer, were worth $12.1 billion, and it was the fourth-biggest buyer of thermal coal, used mostly to produce electricity, after Japan, South Korea and Taiwan.
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