ANZ chairman Paul O’Sullivan and CEO Shayne Elliott say after many false dawns, the Indian reward for Australian businesses this time is real.
The two countries are working on a free trade agreement that will cut tariffs on a range of Australian agricultural exports to India, from wine to lamb, wool and lentils. ANZ and Austrade say this should embolden agricultural exporters to look closely at the Indian market.
The look and feel of Mumbai is vastly different to 15 years ago, when the streets were dirty and beggars stood on many corners. The slums still exist, but these days, it looks like most have satellite dishes and electricity, powering televisions and fridges.The OECD upgraded its economic growth forecast for India this week, to 6 per cent. The country has a GDP of $4.3 trillion andBut it’s the massive middle class that is of growing interest to Australian exporters.
“Australia’s agriculture and premium produce exporters are already benefiting from tariff reductions on goods, including lobster, premium wine and lamb. Exports of fresh salmon have started and there are growing opportunities for products, including barramundi, toothfish and cereals,” he says over lunch this week in a hotel near the Australian Consulate in Mumbai.Lachlan McNaughton
The market for discretionary spending is colossal: by 2030, 170 million Indian households are expected to have a disposable income of at least $US35,000, Euromonitor estimates.
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