Speaking at the Australia India Youth Dialogue, Varghese acknowledges the growing number of Indians in Australia, which has spiked since 2006.
Varghese said the diaspora will play a role in helping navigate Indian business and culture.
It suggests parlaying Australia’s successful export of education into three key fields, namely agribusiness, resources and tourism
Talish Ray, a Delhi lawyer, who has been visiting Australia since 2015, says the relationship between the two countries was beyond cricket, curry and Commonwealth.
Entrepreneurs should embrace the chaos and diversity of India, says former secretary of the Department of Foreign Affairs and Trade, Peter Varghese. He said there is no other single market in the world that has more growth opportunities for Australia than India.
Speaking at the Australia India Youth Dialogue, Varghese acknowledged the growing number of Indians, which has spiked since 2006. “In the long-term, they will prove to be a very important connecting thread between Australia and India, and that will feed back into the business trade and investment relationship.” Varghese said the diaspora will play a role in helping navigate Indian business culture, in terms of expanding contract, finding partners; all of the things that are grist to the mill of a successful business strategy in India.
Reports highlight Australia’s top trading partners as China ($195 billion), Japan ($78 billion), the United States ($70 billion) and South Korea ($52 billion). And also India ($29 billion). Varghese’s report, ‘An India Economic Strategy to 2035’, recommends an ‘ambitious plan’ to make India one of Australia’s top three export destinations by 2035. It suggests parlaying Australia’s successful export of education into three key fields, namely agribusiness, resources and tourism, and six ‘promising sectors’ – energy, health, financial services, infrastructure, sport and science and innovation. “Instead of tackling India’s diverse and vast landscape, it wants to focus efforts in just ten of India’s 36 states and territories – Maharashtra, Gujarat, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, West Bengal, Punjab and the NCR of Delhi and Uttar Pradesh.”
A New Delhi lawyer, Talish Ray who has been visiting Australia since 2015 said the relationship between the two countries was beyond cricket, curry and Commonwealth. Ray said the relationship and understanding has changed and a difference can be seen. “Economically, it is building up and the momentum we have seen in the past few years has been very rapid. That’s because both nations like to take time to think of each other and look at each other, than just rushing in to short-term gains.”