Indian government is very focused on making India self-sufficient and making the nation an export hub and with a similar objective, the government of India has launched the Production Linked Incentive scheme for 13 sectors. But Senior Trade and Investment Commissioner, South Asia, Trade & Investment Queensland Abhinav Bhatia believes that the Indian government should do marketing of PLI on a massive scale to attract investors.
“I think PLI is a game changer but the government should ensure that they do marketing of PLI on a massive scale to attract global investors in India,” said Abhinav Bhatia, Senior Trade and Investment Commissioner — South Asia, Trade & Investment Queensland.
According to him, mining, food and agriproducts, wine industries, and education are the focus areas for Australian companies looking for investment in India. Singh went on to add that tourism, hospitality, education, and traditional sectors like banking etc are good sectors for Indian investors in Australia.
Talking about India’s importance for Australia, he added that Australia is a much smaller scale economy with 2.5 crore people, the innovation that is happening in Australia will not have scale then it will not reach the world and then it will not earn the kind of dividends that it deserves thus that is why India is a very important market.
He also added further that India is rapidly improving in ease of doing business that interest a lot of Australians. “Everyone knows that if you will be able to tap Indian market, it will not only provide dividend for next 2-3-4 years but for 2 and 3 decades,” Bhatia added.
Bhatia talking about the free trade agreement said that FTA between India and Australia is signed and industries are waiting for it. “On the account of signed FTA, $23-24 bln trade projections will double in next 5 years to 50 billion dollar, it also has potential to generate 10 lakh jobs, so I must say that the potential is much bigger,” Bhatia said.
India and Australia signed this landmarks bilateral trade pact in April. This was the second such trade agreement after UAE in February. The FTA between India and Australia has the potential to take trade between both countries to another level from the current levels.