India was the sixth-largest economy in the world (US$ terms) in 2017 and is predicted to become the fifth-largest by 2018. Its fast-growing population and diversified economy make it a key market for exporters.
India's major infrastructure growth and demand for construction-related products and services present a significant opportunity for NSW. India's five-year plan (2012-17) identifies the need for A$1 trillion worth of roads, railways, ports, airports, electricity, telecommunications, oil and gas pipelines, and irrigation.
The Australia-India economic relationship has grown steadily in recent years and has the potential to increase considerably as India's economic expansion continues. Australia's strength in exporting primary products, particularly minerals and fuels, positions it well to supply growing Indian industrial and consumer demand.
Bilateral merchandise trade between NSW and India was valued at A$3.9 billion in 2016-17. NSW bilateral trade with India accounts for 20% of Australia's bilateral merchandise trade with India, increasing from 11% in 2010-11. India is NSW's seventh-largest merchandise export market, with exports to India valued at A$1.9 billion in 2016-17.
Source: International Monetary Fund
Australia-India Comprehensive Economic Cooperation Agreement
Australia and India have agreed to the development of a Comprehensive Economic Cooperation Agreement (CECA) between the two countries. Greater trade engagement with India is expected to benefit businesses in NSW through increased export opportunities for:
- resources and energy and related services
- agriculture and agricultural services
- education services
- information and communications technology
- professional services
- the visitor economy
NSW and India's mining and resources relationship is significant, and the state will focus its future efforts in the building and construction, professional services, resources and energy, and technology sectors.
Watch the video of Rohit Manchanda, NSW Trade & Investment Commissioner for India talk about NSW trade and investment opportunities for India