(Lawfuel) – The Indian Minister for Commerce, Mr Kamal Nath, says the Asian giant is awakening and is preparing to be a leader in the global economy.
Speaking at an Australia India Business Council lunch at the law firm Middletons, Mr Nath said the common goals in India and Australia were critical in this evolution.
“India is expected to have the world’s largest workforce by 2020, and while much of our growth to date has been domestically based we must embrace the global economy,” Mr Nath said. “Both India and Australia are committed to a rules based global economy and I think this will continue to add to our relationship.
“Three years ago, on my last trade mission here, I had to explain the benefits of trade with India, this time business leaders are either asking how to get to India or telling me they are already there. We may have started our reform process 16 years after China, but now that the engagement [between] Australia and India is increasing I think we are preparing for a quantum jump.”
The head of Middletons’ India practice, Cameron Abbott, said the nature of the work being done is constantly changing and evolving. “India is no longer about cheap labour, it is about accessing the skilled labour that is in short supply in Australia. It is also a massive market with a growing middle class that is developing sophisticated tastes.”
“We were working with India before it became a business buzzword, and we have seen it grow from business process outsourcing to more mainstream commerce on both sides of the Indian Ocean, such as joint ventures, resources deals and the development of regional offices.”
“It is now apparent that there are significant mutual benefits and opportunities in the Australia India relationship.” Mr Abbott said.