India has undergone a rapid transformation in recent years and achieved strong economic growth. PM Modi’s initiatives such as Start-up India, Skill India, Digital India and Make in India will certainly contribute to this fastest growing economy with a GDP growth rate of 7.5%.
The recent Make in India conference and initiatives for which the Indian Finance Minister Mr. Arun Jaitley visited Australia is certainly a win-win situation for Australia. Australia’s research capabilities coupled with its innovation strategy can find the best home and scalability of operations in India. As a marketer, my prediction would be such initiatives will only strengthen the bilateral business relationship leading to more investments across both countries. Business migration is set to increase and it can only benefit Australia.
Australian Indians today, are a large segment of the Australian population and are contributing to the social and economic fabric of multicultural Australia. India has seen the fourth-biggest outflow of high net worth individuals globally in 2015 with shifting of 4,000 millionaires overseas, according to a report by New World Wealth. The majority of these millionaires have settled in Australia and will set up businesses here. The Australia-India relationship is certainly set to grow stronger year on year.
By Sheba Nandkeolyar
(image source – NDTV)