Market profile
India is amongst the fastest growing major economies in the world, growing
at around 7 per cent growth in 2017. Considering the mid to long term
growth trajectory of the country, the trade and investment opportunities
are not fully maximised. India is Australia’s fifth largest export market
with Australian merchandise and services exports valued at approximately
A$ 19.2 billion as of 2016-2017. The Australia – India bi-lateral trade
comprising of merchandise and services is valued at A$ 25.7 billion. In
2016-2017, Indian foreign investment into Australia was valued at A$ 13.5
billion, with Australian investment in India valued at A$ 10.3 billion.
India is a challenging place to do business. The Government of India is
improving the ease of doing business that includes the Goods and Services
Tax (GST) launched in mid-2017 to simplify India’s tax regime and the
Government is also seeking to foster innovation through initiatives, such
as ‘Digital India’, ‘Start-up India’ and ‘Make in India’, which complement
the Australian Government policy objectives of deepening Australia's
innovation links globally.
Taking into account India's economic growth imperative, and the social,
environmental and business challenges India faces in integrating such rapid
change, Austrade's strategy for India focuses on: Agritech and diary;
premium food and beverages; rail, transport and smart urban infrastructure
development (taking advantage of the governments smart cities program);
METS, Oil and gas and resources; international health, life sciences,
cyber security and fintech; higher education and in-market skills
development for international work placement, and an e-commerce initiative,
reflecting India’s online retail growth (which is the fastest growing
across the region, even when compared with markets like China, Japan and
Australia). The investment focus for India is on innovation and technology
and resources and energy
More information on doing business in India
India regional profiles
Market summaries of major states in India: