The International Monetary Fund (IMF) has increased India’s GDP growth forecast to 6.8% in India’s 2024/25 financial year.

The strong growth forecast is driven by the IMF’s assessment of strong domestic demand and a rising working-age population in India.  In the ANZ’s recent Blue Notes on India, ANZ Chief Economist Richard Yetsenga shares his insights into India’s sustained economic growth dominated by three factors:

• the strong historical growth India has to build upon
• India’s current reform agenda, including international trade agreements
• changes in global capital flows.

India’s national elections will take place from April to June 2024. We remind you to take note of the 7 phase voting schedule when planning your engagements with India in 2024.

Australia and India sign Authorised Economic Operator (AEO) Mutual Recognition Arrangement (MRA) to support faster trade facilitation

The agreement between Australian Border Force (ABF) and India's Central Board of Indirect Taxes signed on 18 April 2024 means that Australia and India will benefit from greater customs collaboration.

AEO MRA’s are arrangements between customs administrations in accordance with the World Customs Organization (WCO) SAFE Framework of Standards to Secure and Facilitate Global Trade (SAFE Framework). This agreement complements MRAs Australia already has in place with other jurisdictions.

Eligible Australian businesses who are not yet part of the Australian Trusted Traders (ATT) program can visit the ABF website, or apply to join the program.

SportNXT and Women in Sports Leadership catalyses sports opportunities between Victoria and India

SportNXT, held annually in Melbourne and supported by the Victorian Government, has established itself as a global event on the sports economy.

Global Victoria supported an inbound delegation of international businesses including representatives from leading Indian sports academies, media, entertainment and sports tech organisations from India.

A dedicated session on Emerging Super Powers – India included Nikhil Bardia, Head of RISE Worldwide Limited, Unmish Parthasarathi, Board Chairman of the GoSports Foundation and Sachin Kumar, General Manager, Product & Partnerships, News Sport Network.

The panel highlighted the growth of sport in India and examples of how international sports organisations are engaging with the market.

Victoria’s Commissioner to South Asia, Michelle Wade, hosted an event showcasing Women in sports leadership and participation coinciding with the Women’s IPL in Bengaluru.  Melanie Jones OAM, Deepthi Bopaiah, CEO GoSports Foundation, Nooraine Fazal CEO Inventure Academy and Mellissa Ferrier Wipro HR and sports psychologist highlighted the many ways women are leading and shaping sport in India and the connection between India and Victoria.

Business Successes

• Following the visit to SportNXT by co-founder Jitin Paranjape, KheloMore and Cricket Victoria’s Melbourne Cricket Academy announced they will work together to implement education programmes in India.
• Xentrix Studios Australia, in collaboration with its talented parent company, Xentrix Studios India, announced the debut of an innovative animated cricket series that embodies the essence of the sport, "Snick and Willow".

Food and fibre export opportunities are broadening with support from the AI-ECTA

Global Victoria worked in partnership with Austrade to support the first Victorian delegation to Aahar 2024 International Food and Hospitality Fair in March 2024. The event highlighted Victorian brands and produce including meat, beverages and processed foods.

There is growing interest in Victorian food and wine culture through our produce and culinary talent opening new opportunities for collaboration.

The Melbourne Food and Wine Festival’s first Indian-themed World’s Longest Brunch showcased the talent of Victorian Indian chefs Harry Mangat, Helly Raichura and Mischa Tropp.

Conosh founder Vaibhav Bahl travelled to Melbourne for the Festival, where he presented Indian chefs at pop-ups in Melbourne.

Conosh is also working with chefs including Gary Mehigan in India to build awareness and connections in India.

Deepening Banking and Finance Connections with South Asia

In the ultimate tale of two cities, Victoria's Commissioner to South Asia, Michelle Wade, was one of the officiators together with Australia’s High Commissioner to India, at the opening of the ANZ Bank’s new institutional banking office in Mumbai with senior ANZ executives from India, Melbourne, Hong Kong and Singapore, and the Australian and New Zealand High Commissioners.

ANZ Bank is already well known for having a significant development centre in Bengaluru (and an active interest in Victoria’s international graduates). Its rapid return to institutional banking business in India in recent years led by Rufus Pinto, Country Head India, is a testament to the growing strength of Indian companies globally.

Meanwhile, in Melbourne, Global Victoria’s Senior Regional Manager for South Asia and MEA, James Edwards, hosted a roundtable for eleven Nepalese banks and Victorian fintech and cyber security organisations. The delegation was led by Dr Binod Atreya, Managing Director of the Banking, Finance and Insurance Institute of Nepal as part of a two-week course in collaboration with Victoria University.

The common thread?

Both Rufus and Binod are alumni from Victoria University – a demonstration of the depth of professional contacts and the lifelong bonds our international alumni form with Victoria.

Upcoming activities

Hume City Council will be hosting a South Asia export forum with speakers from Global Victoria on Wednesday 10 July.