Summer 2022 Update

Victorian businesses that have maintained engagement with the South Asia region are having success and market conditions are right for other businesses to begin re-engaging or planning expansion to the region.

India reached the milestone of administering one billion coronavirus (COVID-19) vaccinations on 21 October 2021.

At the end of December 2021, the Indian Government reported it had delivered over 1.45 billion doses and that 89 per cent of India’s eligible population have had at least one dose and 64 per cent are fully vaccinated. Australia’s Therapeutic Goods Administration (TGA) now recognises the three most widely used vaccinations across South Asia: AstraZeneca COVISHIELD, Bharat Covaxin and Sinopharm.

Important steps are being made to support the services sector and bi-lateral travel. The Victorian Government’s International Student Arrivals Plan helped welcome students back to Victoria in December 2021. Furthermore, Qantas has commenced a new Melbourne to Delhi route from 22 December 2021.

Read our International Education Market Insights for a detailed report.

Upcoming opportunities for Victorian businesses

  • The Study Melbourne Hub India is now open, providing virtual support for students and Victoria’s education sector and would like to partner with Victorian education providers and edtech companies to leverage the Hub.
  • The Pune International Business Summit 2022 is scheduled from 1-2 March 2022. The event is hosted by Maharashtra’s largest industry chamber, the Mahratta Chamber of Commerce and Industries’ (MCCIA). Pune has an incredible reputation for technology, food processing and engineering and our VGTI South Asia team is actively growing relationships in this city.
  • The tenth Vibrant Gujarat will take place in 2022. The event was originally scheduled for January 2022 but has been postponed to a later date. The summit is one of India’s largest state government trade and investment events and DFAT/Austrade will manage an Australian presence.

Contact our India team to learn more about these opportunities

Victorian business success stories

  • Global Education Solutions is partnering with India’s Eupheus Learning, one of India’s leading education distributors that works with approximately 13,000 schools in India, to roll out its MyKensho life skills learning product
  • Mindsets Learning is also entering India through a partnership with Eupheus Learning to help Mindsets reach a large cohort for its STEM education products for k-12 students
  • E2 Learning reached one million YouTube subscribers on their E2 test prep channel, for which India is the leading market

India remains one of the fastest growing economies in the world  

The IMF maintained India’s GDP growth forecast at 9.5 per cent for the 2021 financial year and 8.5 per cent in 2022. While much of this growth is catch up growth after India experienced a retraction of 7.3 per cent in 2020, it shows confidence in the resilience of India’s economy and that it will remain one of the fastest growing economies in the world.

Strong consumer demand is helping drive India’s renewed growth. CEIC reported private consumption rose to 57 per cent of India’s GDP in the September 2021 quarter. Resilience in India’s manufacturing sector and services sector is also supporting India’s optimistic economic outlook.

The response to COVID-19 has helped fast track India’s push towards a digital economy, with enhanced digital services, investment in digital infrastructure and greater technology take up from consumers. India’s startup sector has expanded rapidly. In the first three quarters of 2021, India gained 34 new unicorns, one every ten days, and startups raised over US$48 billion as reported by Crunch Base.

India’s eCommerce sales grew over 30 per cent from US$40 billion in 2019 to US$52 million in 2020 and eCommerce solutions provider EasyEcom expects sales will reach up to $84 billion in 2021.

Supporting continued growth in the sector is the number of new shoppers coming online. There were 150 million online shoppers in Indian in 2020. Redseer consulting expects the number of online shoppers will reach 190 million in 2021 and continue to grow to 300 million over the next five years, with many of these new online shoppers being from second and third tier cities in India.

Victoria launches the Study Melbourne Hub India

The Study Melbourne Hub India provides virtual support for Indian students (current, future and alumni) studying with a Victorian education provider to bring Melbourne to students and support their studies. The Hub provides virtual events and activities to enhance student experiences and connect students to services and programs offered by Victorian education providers.

Global Victoria is delighted to welcome Abirami Vilvanathan as the Manager, Study Melbourne Hub India. Based in the Victorian Government Trade and Investment Office in Bengaluru, Abi leads the operations of the India Study Hub. Abi gained her master’s degree in Australia, and has over 10 years’ experience in corporate banking and education in Australia and India.

Abi and the Study Melbourne team are working with education providers and edtech companies to partner on events and activities and will be keen to hear from you if you would like to partner to leverage the Study Hub India.

We aim to connect directly with as many Indian students offshore as possible through the Study Melbourne Hub India. We hope to be able to open a physical hub in Bengaluru, India, in the future.

To get involved, contact the Study Melbourne India

Australia India Free Trade Agreement Negotiations

Negotiations for the Australia India Comprehensive Economic Cooperation Agreement resumed in September 2021. Both the Australian and Indian trade ministers issued a joint statement that they want to finalise negotiations on the full agreement by the end of 2022. This will be the first bilateral trade agreement between Australia and India and aims to cover both goods, services, investment and rules and regulations.

DFAT welcomes submissions from interested business and stakeholders on the opportunities, impact and issues of importance.

Visit the DFAT website for more details.

In-Market Insights Video Series - 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 23 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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