Market profile

Economic snapshot

India is one of the world's fastest growing economies, and one of Asia’s giants. It’s also the largest democracy in the world, with a rapidly growing population of more than 1.3 billion.

The size of India’s economy makes it an attractive market for Australian exporters. It’s the single largest potential export market for Australia. The Australian Government’s goal is to make India the third largest business destination globally.

Despite the economic impact of COVID-19, there’s strong demand for Australian goods and services. India’s fast growing middle class, rapid urbanisation and stable government drives this demand.

Outlook for growth

The following factors are fuelling India’s economic growth:

  • increased private investment
  • infrastructure growth
  • investment-friendly climate

India’s government has simplified its tax system with a single goods and services tax. Other business-friendly reforms include easier access to credit and red tape reduction.

India offers more growth opportunities for Australian businesses than any other market (Source: An India Economic Strategy to 2030, accessed Oct 2020). As strategic partners since 2009, Australia and India enjoy strong political, economic and community ties.

Two-way investment and increasing exports

Two-way investment between Australia and India reached A$30.7 billion in 2019. Australia’s largest exports to India are in the resources sector.

Export opportunities in the following sectors are increasing:

  • education
  • food and agribusiness
  • mining equipment, technology and services (METS)
  • infrastructure
  • health care
  • defence, advanced manufacturing and space
  • energy and new energy tech
  • advanced tech.

An India Economic Strategy to 2035

The Australian Government’s India Economic Strategy sets out an ambitious plan to transform Australia’s economic partnership with India by 2035.

The report, An India Economic Strategy to 2030 identifies the sectors that will need Australian goods and services. It also highlights the Indian states and regions Australian businesses should focus on.

Comprehensive Strategic Partnership

India and Australia are working together through the Comprehensive Strategic Partnership (CSP). Their focus includes innovation, entrepreneurship and economic cooperation for a prosperous shared future.

Australia India Business Exchange (AIBX)

The Australia India Business Exchange 2020 (AIBX) brought together delegates from 87 Australian businesses and peak bodies.

The AIBX programs helped them explore opportunities identified in the India Engagement Strategy and the CSP. The AIBX also gives insight into India’s business culture and operational environment.

Insight: India on the rise in the World Bank’s Doing Business 2020 report

India has moved up 14 places to rank 63rd among 190 countries for ease of doing business. (Source: World Bank, Doing Business 2020, Comparing Business Regulation in 190 Countries, February 2020). Exporting and importing has become easier for the fourth consecutive year. This is good news for Australian businesses looking to export to India.

Learn more about India’s ease-of-doing-business ranking on the Austrade website.

India regional profiles

Read market summaries of major states in India on the Department of Foreign Affairs and Trade website.

Success stories

Many Australian businesses from different industries are finding success in India.

Read about their success stories in this market.

Austrade’s dedicated team in India

Austrade’s dedicated team in India can help you understand, enter and succeed in this market.

Contact Austrade online or call 13 28 78.

Facts

  • Merchandise exports A$16,207 million
  • Services exports A$6,629 million
  • Capital New Delhi
  • Official languages Hindi, English
  • Area 2,973,190 sq km
  • Population 1,334.2 million

Events

News

12 Oct 2020

Insight - Indian Railways to offer 109 routes to private sector: an opportunity for Australian rail expertise and finance

Click through to news item

Information provided by DFAT

Country brief

A comprehensive overview of political, economic and bilateral and regional trade agreements.

» read more at DFAT

Trade and economic fact sheet

Containing general information, recent economic indicators, Australia’s trade and investment relationship with India and their global merchandise trade relationship that is updated twice a year.

» read more at DFAT

Smartraveller

The Department of Foreign Affairs and Trade’s Smartraveller site provides advice for business travellers and tourists going to India. This is regularly updated and should be checked before planning travel.

» read more at DFAT

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How Austrade can help

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