AUSTRALIAN BUSINESSES LOOK TO INDIA FOR GROWTH

AUSTRALIAN BUSINESSES LOOK TO INDIA FOR GROWTH

INDIA is set to announce the results of its prime ministerial election today, with all signs pointing towards a victory for Australian business.

Narendra Modi of the Bharatiya Janata Party is on track to become the new Prime Minister with the results due to be confimed today.

The accounting and advisory firm co-hosted a series of discussions about business in India starting in Brisbane last week.

Macmillan later spoke to Brisbane Business News about the potential opportunities for local companies.

“There are early indications that the change in government will be business-friendly and will try address the challenges of this large population by looking internationally,” he says.

He says India is often overshadowed by other markets in Asia, particularly China.,/p>

With a population of more than 1.2 billion people and growing middle class, he says the country is turning to western influences to develop.

“Over 50 per cent of the population is under 25 years of age and over 65 per cent is under 35 years of age. As opposed to a lot of other markets in Asia and traditional European markets, you have this very large young population.”

“That is Australia providing educational services to the Indian population here in Australia principally, but the future will be more about delivering those services back in India.

“Not everyone can afford to go to another country to learn a skill, language or qualification. More and more we will see Australian education and training going to India – rather than waiting for the Indian population to come to us.”

 

 

Macmillan says Austrade outlined numerous Australian industries making their mark in India, including infrastructure, waste water management, power generation, road safety, mining, aged care and even sport.

“Despite quite a high tariff there’s also an increase in the market for wine, along with proposals for jam, cheese, honey and pasta.

“Australian exports to India are around 11 billion dollars at the moment and we import a lot of production from India as well. These are long term markets and we are just working towards making them even better.”

He says businesses face the threat corruption and a complex banking system, where “92 per cent of transactions” are cash-based.

“Do twice as much research as you think you need to, then go and visit and try to understand the market and how your business is going to enter it.

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