Why India?
India is undergoing major reforms and embracing pro-business policies to drive its large-scale development program. There’s never been a better time to export to India.
India is one of the fastest-growing major economies in the world, making it a strategic choice for Queensland businesses looking to expand internationally. With a rising middle class, and a rapidly increasing demand for quality goods and services, India offers immense growth potential.
As of 2024, India is set to become the third-largest economy by 2030, with annual consumer spending projected to reach over six trillion USD. Queensland businesses can tap into thriving sectors such as technology, agriculture, and clean energy, where demand is particularly strong. India’s robust digital transformation and initiatives like ‘Make in India’ and ‘Digital India’ further promote a favorable business environment for foreign companies looking to enter the market.
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AUD 580 billion to GDP each year up to 2032
World’s third largest economy by 2030
Rapid urbanisation of 300 million people by 2050
Rapid urbanisation of 300 million people by 2050 will change the Indian market’s appetite for sophisticated goods and services in the next 5–10 years.
Public-private partnership models are evolving with the advent of private participation, particularly in telecoms and infrastructure. eCommerce and eLearning too, are a rapid-growth sectors.
Characterised by scale, skill and speed (a ‘3S’ approach), successful business ventures in India are typically either high-volume/low-margin or provide niche products or services.
India market overview with Abhinav Bhatia
Commissioner for Trade and Investment Queensland India
India is Queensland’s fourth-largest two-way merchandise trading partner, and the third largest merchandise export market.
India is poised to grow its economy, with a strong focus on modernisation, consumerism, capability development, and skill and capacity building, which bring significant opportunities for Queensland across diverse sectors.
Australia and India launched negotiations for an Australia-India Comprehensive Economic Cooperation Agreement in 2011, which came into force on 29 December 2022.
India opportunities
- Favourable market access for Queensland exporters exists through the Australia-India Economic Cooperation and Trade Agreement.
- Growth of e-commerce and rising disposable incomes in India are opening new export opportunities for Queensland’s food, agriculture and health products.
- The increasing efficiency of India’s farming sector is creating research and commercialisation opportunities for Queensland’s active research sector and globally competitive agtech capabilities, driving innovation in sustainable food production, functional foods and efficient farming systems.
- Partnership with India to support its continued need for traditional energy and mining (including METS), as well as investment and partnership in commercially viable renewables.
- Focus on addressing skills gap and further development of higher education and vocational training creates opportunities for Queensland to expand partnerships in skills-based education and career-focused learning pathways.
- Prioritisation of sports in India, boosting the ecosystem to enhance sports participation and improve India’s international standing in sports, creates opportunities for Queensland to partner with both private and public sector to provide sports eco-system expertise.
- Queensland’s collaboration with Australia-India business associations and national and subnational government institutions, Austrade and Department of Foreign Affairs (DFAT) strengthens bilateral trade and investment ties.
- Economic variation across India’s 36 states and union territories with differences in priority sectors, ease of doing business, consumer preference, regulatory environment and reform agendas.
- Regulatory and infrastructure differences and challenges, particularly in agriculture and pharmaceuticals, can increase transaction costs and delay market entry.
- Supply chain disruption and complexity.
- Absence of coordinated frameworks to support investment, streamline regulation and accelerate crossborder partnerships in critical minerals.
- Global and regional geopolitical shifts present risks to market stability and investor confidence.
- Unilateral trade restrictions and US tariffs on India could suppress GDP and constrain trade flows between India and Queensland.
- Need to establish direct aviation links between Queensland and India in order to further support and grow goods, exports, tourism, and education.
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