Winter 2020 Update

Victoria’s relationships across South Asia remain strong and there are many businesses continuing to enter the market and grow their businesses.

While the impact of coronavirus on the economy cannot be underestimated, it is important that potential exporters look beyond the general statistics and assess the particular sectors they are working in and impact to their target sales channels.

The virtual Australia India Prime Ministers’ Summit was a significant development in Australia and India’s relationship – and a sign we can continue to connect despite travel restrictions. The Summit demonstrated both leaders’ commitment to a close relationship and a number of new initiatives to enhance economic ties.

Another important development is the Indian Government’s approval of its New Education Policy, which will reshape all tiers of India’s education system and create new international partnership opportunities.

This update highlights opportunities from these developments, India’s contributions to the global coronavirus response and successful outcomes for Victorian companies in India’s edtech and e-commerce sectors.

Success stories

  • Swisse goes live in Health & Glow, one of India’s largest health and beauty stores
  • Sand & Sky launches with major Indian retailers Shoppers Stop, Myntra and Nykaa’s online platforms
  • Global Victoria holds the first virtual Global Edtech Expo in May 2020 to connect edtech companies with global markets and promote Victoria’s leadership in edtech development and learning outcomes
  • Global Victoria helped connect Victoria’s and India’s gaming sectors through a virtual event with speakers from Technicolor India, Reliance Jio's Games Ecosystem and India Game Developer Conference Forum.
  • Startup Bootcamp and Global Victoria delivered the first leg of the Victoria India Smart Energy Exchange in July introducing the Victorian smart energy sector to world-leading Indian smart energy startups and scale ups.
  • Asia Society appoints one of India’s most well-regarded senior business leaders Manoj Kholi as the Asia Society Victoria Distinguished Fellow
  • Victoria’s Business Ambassador in India Kiran Mazumdar-Shaw is awarded EY Global Entrepreneur of the Year
  • One of India’s leading biomedical companies Biocon together with Mylan launches a new cancer drug in Australia.

Want to access these opportunities?

Please reach out to the Global Victoria South Asia team to discuss strategies for your products and the ways we can assist. And keep up to date with  upcoming events by checking in with Global Victoria’s calendar of events.

Coronavirus impact in India and the Indian health sector’s contribution to the global response

Coronavirus impact in India and the Indian health sector’s contribution to the global response India has unfortunately now recorded some of the highest cases of coronavirus alongside the US and Brazil.

However, its per capita recorded cases remain relatively low compared to other countries. The World Health Organisation situation reports capture the extent of the cases and highlights the work happening across the country to increase testing and health responses. As such, India continues to maintain restrictions across the country since March 2020. The restrictions have however begun to ease in certain areas and on movement between states in a staged manner.

At the time of writing, a ban on international travel remains in place except for special exemptions. When travel can take place, travellers are required to undertake quarantine based on each state’s relevant protocols. For details on current restrictions refer to the Indian Ministry for Health and Family Welfare and Australia’s High Commission in India.

The Indian Government’s Ministry of Statistics reported its economy contracted 23.9 per cent over the second quarter of the year from April to June 2020. This was more than any other large economy, although closely followed by the UK’s economy, which contracted by 20.4 per cent, and the EU at 12.1 per cent.

All major sectors contracted except India’s agriculture sector which grew 3.4 per cent in the period. Bloomberg’s economists reported that the Indian Government has taken a more conservative fiscal approach than other countries throughout the restriction period, which has deepened the economic contraction.

In addition to its domestic response, India’s health and biomedical sector is playing a vital role in supporting the global response to the pandemic, contributions include:

Prime Minister’s Virtual Summit

The first virtual bilateral summit between Australia’s and India’s Prime Ministers was an historic event in and of itself as it was the first virtual summit for the two leaders but, most importantly, it demonstrated the strong government to government relationship in support of growing business connections.

The two Prime Ministers elevated the relationship to a Comprehensive Strategic Partnership and announced a suite of new and extended economic cooperation initiatives including:

India’s new education policy

India’s National Education Policy 2020 was released in July this year. It’s the first comprehensive policy proposal on education in the country since 1986 and a major, game changing statement. The policy aims to make changes across all levels of education – from early childhood to university and is based on the pillars of “access, equity, quality, affordability, accountability”. Implementation of the policy will enhance the opportunities for Victorian universities and education providers to partner and collaborate with the Indian education sector.

Read the full policy via the India Ministry of Education.

In-Market Insights - India: Education June 2020

In-Market Insights is a series of videos presented by Global Victoria's team members from across its international network of 22 Victorian Government Trade and Investment offices (VGTIs). The series sheds light on the current state of play in key global markets and sectors.

This episode features Global Victoria’s Annie Santhana - Regional Director of Education from our VGTI office in Bengaluru, India. Annie shares her expertise on emerging opportunities in India for Victorian education providers.

VIDEO: Global Victoria's In-market Insights - India: Education June 2020

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