India is currently Australia’s sixth largest trading partner. In 2019-20, Australia exported goods and services worth about AUD 17.5 billion to India, while our imports from India totalled over AUD 7.6 billion.
India was the world’s sixth largest economy in 2020, with gross domestic product (GDP) of over USD 2.6 trillion (AUD 3.7 trillion).
On the alternative measure of purchasing power parity, India is predicted to replace the United States as the world’s second-largest economy by 2050.
Household incomes in India are steadily increasing, creating a burgeoning population of middle-class consumers that will reach 580 million in 2025.
By 2030, India will add approximately 140 million middle-income and almost 30 million high-income households, generating huge demand for high-quality, protein-rich foods as well as numerous opportunities across a number of different sectors of the economy, including healthcare, infrastructure, education and financial services Doing business in India is not without challenges, some of which may seem insurmountable at first. Cultural barriers aside, bureaucratic red tape and India’s numerous distinct and diverse markets across the country may all seem like impediments to success. These issues are compounded by a complex regulatory framework that can vary from state to state.