On December 18, 2020, Shri Piyush Goyal, Union Minister of Commerce and Industry launched Australia Economic Strategy Report 2020 prepared by Confederation of Indian Industry (CII) team, led by Ambassador Anil Wadhwa, Former Secretary (East), Ministry of External Affairs, with contribution from KPMG, India.
- The Report was launched during the CII’s virtual session on Enhancing India Australia Bilateral Economic and Trade Relationship.
- This report will contribute to the Indo-Australia strategic bilateral relationship as it has made recommendations for expanding cooperation in various areas.
How will India aid in Collaboration?
–As India has eased its FDI (Foreign Direct Investment) norms there will be opportunities for mutual engagement in newer areas like space, nuclear energy & defence production.
–The Emerging sectors like defence, sports, textiles, textile designing, digital gaming, animation, water management, commercial ship-building, space collaboration & digital engagement in education, also have potential for cooperation.
–India has also opened up the Agri sector for greater investments in food processing and value addition.
—Labour reforms and upgrading of tourism will help in providing flexibility in employment and also generate new job options.
Click here to read the entire report.
Key Points:
–Both nations can further expand their trade relationship with 3B objectives: Bigger trade basket – Better trade basket – Balanced trade relationship.
–Australia & India are also working together on the strategic front viz. Malabar exercises, QUAD groupings. Click Here to read about QUAD
Background:
The Report has been prepared as a response to the India Economic Strategy Report, 2035, released by Australia in July 2018.
Recent Related News:
i.On November 5, 2020, the Ministry of External Affairs (MEA) and CII virtually organized an India-Nordic-Baltic Conclave on the theme “An Innovation-driven Partnership for Growth in a New World”. It was sponsored by Denmark’s shipping company MAERSK.
ii.On September 30, 2020 Union Minister for Chemicals and Fertilizers, Sadananda Gowda addressed the “CII Life Science Conclave 2020” through virtual mode. The Conclave was organized by Confederation of Indian Industry (CII) on the theme “Energizing Make in India through Life Sciences Sector”.
About Confederation of Indian Industry (CII):
Director General– Chandrajit Banerjee
President– Uday Kotak
Headquarter– New Delhi
About KPMG India:
Chairman & CEO – Arun M. Kumar
