Emerging Sectors
Given the increasing advent of technology, there are future opportunities in certain niche sectors such as labour intensive services, defence, sports and sports technology, textile and textile designing, digital gaming and animation, water management and commercial shipbuilding, space and education technologies.
The labour market in Australia has a rising demand for semi-skilled jobs in specific sectors like healthcare, agriculture and facility management sectors. Since India has a large workforce, which can be trained, India can assist Australia with its labour requirements.
The defence industry in both countries can increase technology collaborations, research partnerships and aim to increase defense exports.
Australia and India are both known for their passion for sports, specifically cricket. In the field of sports and sports technology, the two countries can encourage sports partnerships among sports technology firms and consider setting up a sports university in India.
India is globally well-known for its diverse and indigenous design forms and patterns in the textile industry. There exists an opportunity for Australia and India to develop large-scale manufacturing base for textile designing in India. Additionally, the demand for smart textiles further widens the opportunity for Indian textile manufacturers and Australian designers.
The Indian digital gaming industry, while still nascent, is developing rapidly and is currently witnessing a surge of investments from global giants. In comparison to this emerging market in India, Australia has a mature market in the video game industry. Companies in India and Australia are now at a stage where they can benefit from the exchange of expertise through collaborations between technologically advanced companies in the gaming industry. In addition to this thriving gaming industry, India and
Australia are also well-positioned to collaborate in the animation
and computer graphics space.
Given that India and Australia are facing similar issues with respect to water management, the two countries can collaborate on issues such as conservation of water, ground water management, etc...
Trade delegations between the two countries can also be organized around this theme to further augment the discussion. Additionally, India and Australia can also collaborate on commercial shipbuilding.
Space technology is another area where India and Australia can increase collaborations. Indian space missions and ISRO have been highly successful in recent years. Australian organizations such as the Australian Space Agency can collaborate with ISRO for launching their own space missions.
Lastly, technology in education is an upcoming sector where Indian companies can collaborate with Australian educators to enhance the quality of education provided and invest in Australian ed-tech start-ups to bring technologies such as artificial intelligence (AI), machine learning, etc. to India.