Huge investment opportunities in India awaits Australia’s $2 trillion superannuation industry according to Arun Jaitley, the Finance Minister of India who has hopes for a quick breakthrough in a long awaited trade deal between both the countries.
Mr. Jaitley, who is one of the most powerful figures of Indian government, also highlighted the prospects for Australian miners and niche manufacturers, especially food processing, in the world’s fastest-growing major economy that has the potential to accelerate from its current 7.5 per cent to more than 8.5 per cent.
According to him, three top economic priorities for India are:
- Increased investment in agriculture and rural areas,
- More spending on physical infrastructure
- To further strengthen India’s manufacturing sector.
The Indian government has ambitious plans to upgrade the nation’s infrastructure which could provide Australian superannuation funds with a lot of opportunity.
The Indian government aims to lift the contribution made to India’s economy by manufacturing from about 16 per cent of gross domestic product to 25 per cent during the next decade.
The Indian government also looks forward to the growing opportunities for Australian businesses in India’s food processing sector.
The agricultural products are open to be produced in India, to be processed and marketed to 100 per cent FDI