Prospect of new opportunities for NSW businesses with India

19 November 2014

NSW Premier Mike Baird with Indian Prime Minister Narendra Modi. Photo: Brendan Read

Indian Prime Minister Narendra Modi has called for stronger economic ties with Australia, with a focus on energy, information technology, tourism, education and agriculture.

Mr Modi will invite Australia to play a key role in supplying India's vast need for energy as its economy rapidly develops, expressing support for coal, natural gas and renewable energy in an address made to Parliament.

Opportunity for NSW businesses

The Australia–India economic relationship has grown steadily in recent years. The move towards a closer trading relationship has the potential to considerably increase opportunities for New South Wales businesses in a range of sectors.

Two-way trade between NSW and India was valued at A$1.8 billion in 2012-13, an increase of 50% over five years.

Mr Modi aims to bring power to India's 300 million citizens without electricity while also building capacity to power its expanding industrial and Information technology sectors.

Drive for clean energy

During the G20 summit Mr Modi spoke forcefully for renewable energy, carbon pricing and proposed a "global virtual centre for clean energy research and development."

"I would propose that we set up a global virtual centre for clean energy research and development, with adequate public funding, which will fund collaborative projects in diverse sources of clean energy, smart grids, energy efficiency."

Mr Modi also called for an ambitious and innovative effort to make renewable energy, especially solar energy, competitive with conventional energy.

Two-way trade between Australia and India was $15 billion in 2013.