India Insights Autumn 2023
India’s economic growth outlook for 2023 continues well above global average GDP growth
The International Monetary Fund’s April forecast adjusted India’s expected growth to 5.9% for the Indian fiscal year 2023 (April 2023 to March 2024). This is slightly down from 6.7% in fiscal year 2022 but still well above the IMF’s expected global average GDP growth forecast of 2.8% for 2023 and 3% for 2024. The IMF’s projected inflation rate for India is 4.9% in fiscal year 2023, down from 6.7% in fiscal year 2022.
India’s strong GDP growth continues to be led in part by its rapid population growth, with the World Population Review estimating that India has now surpassed China as the most populous country in the world.
The Australian Prime Minister’s official visit opens more opportunities with India
Prime Minister Albanese and Prime Minister Modi met in India in March 2023 for the first Annual Summit between Australia and India. Australia’s Minister for Trade and Minister for Education also travelled to India in March to strengthen the relationship. The Prime Ministers’ Joint Statement announced a suite of economic cooperation initiatives across trade and investment, education and research, agriculture and water, cyber and space, mining and critical minerals, climate change and renewable energy.
Outcomes announced during these visits include:
New and innovative education partnerships and models for Victoria and India
- Deakin University announced on 9 March 2023 that it will be the first university in the world to open an international teaching campus in India. The campus will be located in the smart business district GIFT City (Gujarat International Finance Tec-City) and will give students access to future-ready Deakin postgraduate courses aligned with local employment needs. Deakin expects to open the campus by mid-2024.
- La Trobe University and the Bangalore Bioinnovation Centre (BBC) announced a partnership on 2 March 2023 to help create a pipeline of innovations. The partnership will support La Trobe’s new Bio Innovation Hub and Digital Innovation Hub that it plans to open in Victoria in 2023 with Victorian Government funding. The Victorian Government's Trade and Investment (VGTI) office in Bengaluru introduced La Trobe to BBC to enable the partnership. This is a good example the types of introductions the VGTI India team may be able to assist your business with in the medtech and research sector.
- RMIT and The Birla Institute of Technology and Science, Pilani (BITS) launched the new BITS-RMIT Higher Education Academy on 8 March 2023 to deliver the first dual degree program between India and Australia. The Academy aims to provide high-quality transnational education to Indian students and facilitate significant regional collaboration with India. This partnership is the first Australian and Indian dual degree program, contributing to the development of a globally engaged and skilled workforce. The course will commence in mid-2023. The VGTI India team helped connect RMIT and BITS to facilitate the partnership.
New Qualifications Recognition and Audiovisual Agreements
- Australia and India signed a Mechanism for the Mutual Recognition of Qualifications between Australia and India on 2 March 2023. The purpose of the mechanism is recognition of school, VET and higher education qualifications to facilitate access to higher education and general employment. The Australian Department of Education’s website provides the full details for the mechanism.
- Australia and India signed an Australia-India Audiovisual Co‑production Agreement on 10 March 2023. The agreement will help enable more co-productions and the initiative will also provide projects in both countries with access to government funding including grants, loans and tax offsets. VGTI India representatives will attend FICCI Frames in Mumbai in early May to grow contacts in this sector and assess opportunities.
New Market Access Trials
- Australia has received provisional access to the Indian market for Hass Avocado exports. The Australian Government is working with the avocado industry to facilitate a ten-shipment trial. Full access will be granted if these shipments meet India’s import requirements. The Department of Agriculture has further information on its website and is encouraging interested exporters to contact Avocados Australia.
Opportunities are growing for Victorian premium food and beverage ingredients to India
Victoria’s Commissioner to South Asia recently launched OzLageRoo in India – a new craft beer collaboration with leading Bengaluru brewer Geist Brewing Co. and St Andrews Beach Brewery, Mornington Peninsula, using Ellerslie hops from Victoria. Ellerslie Hops has been supported by VGTI’s India office to make introductions to clients and appoint a distributor to access the craft beer sector. There are growing opportunities for ingredients and technology in India’s rapidly expanding food and beverage manufacturing sector.
Victorian and Indian companies continue to deepen partnerships in technology
Victorian enterprise asset management company Hardcat has extended its global reach to India via a new partnership with leading Indian data centre service provider, Yotta of the Hiranandani Group. The VGTI in India assisted Hardcat with market entry advice and introductions to their network of potential end user companies in India.