Market Profile - India

India is the 6th largest economy is already the fastest-growing large economy in the world. India is Australia’s 4th largest trading partner with Australian merchandise & services exports to India valued at A$ 21.1 billion (2018) and two-way bi-lateral merchandise & services trade valued at A$29.1 billion (2018). Total Indian investment in Australia is near A$ 15.5 billion (up from A$600 million in 2006), while total Australian investment in India is over A$13.9 billion.

In July 2017, India launched the Goods and Services Tax regime. This has brought all the states & Union Territories (read States and Territories from an Australian context) of India on a common tax platform. It is already making for a cleaner and more structured business system.

Over the next 20 years, a growing India will need many of Australia's goods and services – including in education, agriculture, energy, resources, tourism, healthcare, financial services, infrastructure, science and innovation, and sport. The India Economic Strategy is an ambitious plan to transform Australia's economic partnership with India out to 2035. Australia has set itself the goal by 2035 to lift India into its top three export markets, to make it the third largest destination in Asia for Australian outward investment.

In 2018, The Australian Government commissioned an India Economic Strategy to engage to 2035 and to cement India as a priority economic partner.