Boosting Australia's Economic Ties With India

The Albanese Government has today launched A New Roadmap for Australia's Economic Engagement with India, to maximise Australia's trade opportunities, benefit our businesses and consumers, secure our supply chains, and create jobs.

India's economy is on track to be the world's third largest by 2030, and Australia is working to realise the enormous trade and investment opportunities that come with this.

The Roadmap sets out a pathway to focus our ongoing efforts, including to boost two-way investment, and work with Indian-Australian communities and businesses. It identifies four 'superhighways of growth' in sectors where we have natural strengths and a competitive edge: clean energy, education and skills, agribusiness, and tourism.

It also identifies nearly 50 specific opportunities to focus and accelerate our engagement across fields such as defence industries, sports, culture, space, and technology.

To help kick start this ambitious plan, we are investing $16 million for a Australia-India Trade and Investment Accelerator Fund, which will help Australian business unlock new commercial opportunities in India.

We are also investing an extra $4 million for our Maitri ('friendship') Grants program, enhancing our people-to-people, business-to-business and cultural links.

Our free trade agreement with India, has saved Australian businesses hundreds of millions of dollars and is on track to save exporters around $2 billion in tariffs by the end of the year.

The savings are having a direct impact for Australians, reducing costs at the checkout and creating local jobs.

Australia continues to make progress in its negotiations with India on a new free trade agreement, which will unlock even more trade opportunities for Australian business.

The Roadmap is informed by over 400 consultations across every state and territory, as well as in India.

Imagery will be available from Department of Foreign Affairs and Trade Media Library