The three Drivers of the Australia Economic Strategy
India has laid out a concrete roadmap to develop its manufacturing sector for future economic growth that is also enabled through flagship programs such as ‘Make in India’ and focus on ‘Ease of Doing Business’. India also has a large demographic dividend and the economy is expected to grow manifold in the coming years. A sizeable population implies many people vying for the country’s limited economic and natural resources. In addition, in order to fully harness the potential of a young population, adequate health facilities, quality education and sound infrastructure will be required. Moreover, a targeted growth plan cannot be successful without increasing the country’s exports. This strategy thus focuses on enhancing India’s exports to Australia, especially India’s largest exports- services.
India will have to strategically secure its resource requirements, which includes natural and mineral resources, food etc. as well as significantly develop innovative technologies to make best use of these resources. Hence, resource security along with deft use of technology is viewed as an ideal combination to sustain India’s future growth plans.
Australia is endowed with natural resources that have cemented its position as a resource supplier to the world. In addition, Australia has also been successful in optimizing the use of its natural resources with extensive research and development, pioneered by its research agency Commonwealth Scientific and Industrial Research Organisation (CSIRO) across various sectors that are of strategic importance to India such as mining, agribusiness, etc. In addition, Australia also provides a conducive environment for start-ups that have developed innovative technologies for agriculture, healthcare, education, mining etc. Australia could, therefore, be a strategic partner for India’s resource security agenda as well as technology upgradation plans.
Australia has been undertaking several digital transformation initiatives both at the Government level as well as in other sectors that include developing smart cities, increasing day to day applications of IoT, etc. India has a well-developed technology base, both in terms of manpower as well as expertise, that can successfully be used to complement Australia’s technology requirements.
This strategy outlines the various means of collaboration between the two countries that can help India secure and manage resources and adopt innovative solutions from Australia while increasing India’s service exports to Australia.