CIM Presents CII’s Economic Strategy Report on Enhancing Bilateral Economic and Trade Relationship of India-Australia
By: Ashwathy Nair
- Continuous efforts are being made to mark FDI policies more facilitative, congenial & supportive of foreign investment.
- Good opportunities for a mutual engagement will be opened up for newer areas.
- A new ecosystem will be enabled for labour regulations and flexibility in employment.
The India-Australia Economic Strategy report has been launched by Piyush Goyal – the Union Minister of Railways, Commerce and industry, Consumer Affairs, Food and Public distribution.
With easing the FDI standards and opening up various sectors, there is an immense potential for Australian investment in India. While addressing the session of CII on the enhancement of India-Australia Bilateral Economic and Trade Relationship, it was stated by Goyal that “Agri sector has been opened up for greater investments in food processing & value addition”. The India-Australia Economic Strategy is also being launched by the Minister.
A continuous effort is being made trying to mark FDI policies more facilitative & congenial & supportive of foreign investment. Good opportunities for a mutual involvement will be opened up for newer areas such as space, nuclear energy & defence production.
In an effort to balance trade relationships, emerging sectors of defence, sports, digital gaming, textile, water management, space collaboration & digital engagement in education, textile designing etc. holds great promise.
A new ecosystem will be enabled by the recent labour reforms for flexibility in employment and labour regulations. Under the new framework, a lot of jobs will be generated in India with areas like tourism that would make its projects more viable.
The purpose is to ensure Indian farmers getting even greater incomes in order to fulfil the needs of the international community, which will only be possible with more value-added to the farm produce and greater interaction with the rest of the world.
A huge and exponential growth can be seen in the trade relationship with 3B objectives that is Bigger trade basket- Better trade basket- Balanced trade relationships.
The diversification of supply chains is critical to managing the risks that are associated with the supply of inputs, comprising of disciplining non-transparent & opaque economies. India-Australia worked even more closely on the strategic front. This close collaboration between the two will be fed into the economic partnership in the coming years.
It was noted by the union minister that initiatives such as the Australia Strategy Report would enable us to align the execution of this strategy report with our trade & economic policies. “We can find good areas of cooperation which will be integrated into our negotiations for a comprehensive economic partnership agreement as well.”