With a rapidly transforming economy, India is poised to become the third largest global economic player by 2030. As one of the world's most significant sources of new, urban middle-class consumers, key opportunities have emerged for Victorian businesses to export their premium goods and services.
Opportunities exist for Victorian businesses across a range of industries, including:
India has the largest youth population in the world. Millions of young Indians are seeking education and training abroad or looking towards recognised international brands who deliver in India or online. Melbourne continues to be well placed to capitalise on these trends and remains the preferred destination for Indian students looking to study in Australia. The Indian Government's recent emphasis on skills training and job creation for its growing workforce provides new opportunities for Victoria's Vocational and Education Training (VET) sector.
Food and fibre
India's increasing urbanisation and higher income levels are reshaping local consumer preferences and consumption patterns. Victoria's global reputation as a supplier of high quality, clean agricultural products – combined with advantages in supply chain management – makes our food and fibre products highly desirable to Indian consumers. Victoria's agrifood businesses are provided significant opportunities to meet India's growing demand for high-value dairy, premium food and wine products, and traditionally successful unprocessed exports such as pulses, nuts and grains.
Infrastructure and professional services
Rapid upgrades to India's core infrastructure over the next decade will stimulate major demand across all construction, design and urban planning sectors. Victoria's expert skills in building high-quality, innovative infrastructure – together with delivering world-class professional services – provides key opportunities for Victorian businesses to export their smart, sustainable urban design solutions to India.
Medical technology, pharmaceuticals, healthcare and clean technologies
Victoria's leading medical and pharmaceutical industries are well placed to establish trade and export relationships with India to meet the healthcare needs of a rapidly growing population. Opportunities for Victorian MedTech, pharma and healthcare businesses have opened up to supply India with innovative products, technology, and pioneering research collaboration.
The Indian Government views the digital economy as a major growth enabler and is seeking rapid digitisation across the public and private sector. With one of the fastest uptakes of internet and smartphone technology, significant opportunities have opened up for Melbourne tech businesses and startups to assist India's digital transformation.
- India's economy is worth A$2.3 trillion1 and is predicted to become the third largest global economy by 2030.2
- India is home to 1.3 billion people – with almost two-thirds of the population aged under 35 years.3
- India's future economic growth is concentrated in its growing mega-cities such as Mumbai, Delhi, and Bangalore, which have populations of over ten million people.
- Victoria's two-way goods trade with India was A$1.5 billion in 2015-16.4
- Indian students are the second largest cohort of international students in Victoria.5
- India is a growing market for Victoria's visitor economy – Indian visitors spent more than A$270 million in Victoria during the 2015-16 financial year.6
- Victoria is home to the largest Indian diaspora in Australia – representing a significant advantage for long-term economic cooperation and exchange.7
Discover how your business can export to India
- Asialink Business' India Country Starter Pack provides you with a comprehensive guide to doing business in India.
- The Victorian Government Business Offices (VGBOs) in Bangalore and Mumbai can provide tailored market intelligence, insights and guidance for your export business. They can also connect you with overseas buyers and industry partners in India.
- Austrade's India Market Profile provides further detail and facts about the Indian market.
- The Victorian Government provides support through a range of grants, vouchers and assistance programs.
- The International Chamber House (ICH) in Melbourne's city centre is a business networking hub for international bilateral chambers and business associations. It provides members access to meeting rooms with video-conferencing, flexible workspaces and a function space for international business development events.
- International Monetary Fund, 2016
- US Department of Agriculture, Economic Research Service, 2016
- United Nations Population Division, 2015
- DFAT STARS Database, based on ABS Cat No 5368.0, June 2016 data
- Department of Education and Training, 2016
- Tourism Victoria Research Unit, August 2016
- ABS Census 2011