The Australia India Business Council Ltd (AIBC) formally launched its innovative MAKE IN INDIA Chapter on Wednesday, 16 October 2019 at a glittering event held at the Consulate General of India in Sydney.
Mr Jim Varghese AM, AIBC National Chair believed setting up the Chapter’s Focus Group was a step in the right direction.
He said the liberalisation of the Indian Government’s FDI rules was significant, and encouraged Australian businesses to invest in India and enhance mutual economic benefits, as highlighted in the Australian Government’s 2018 India Economic Strategy.
“The Focus Group will actively capture some of these opportunities and facilitate commercial arrangements between Australian and Indian businesses to achieve meaningful outcomes,” he added.
Speaking at the launch, Mr Manish Gupta, Consul General of India, Sydney outlined the new economic reforms in India and said there would be further impetus to liberalise the economy in the FDI area, thereby encouraging new investments.
Ms Sheba Nandkeolyar, AIBC Immediate Past National Chair and CEO of MultiConnexions, believed the Indian Government FDI reforms would make it much easier for Australian companies to be doing in business in India.
“Opportunities are beyond cost benefits and immense,” she added.
Mr Vish Viswanathan, Make in India Chapter Chair outlined the key objective of the Focus Group “Make in India – Make it happen for Australia “and elaborated on the many opportunities in key sectors.
The keynote speech at the event was delivered by Mr Ankit Taneja, National Manager, Mahindra Group Australia, who highlighted his company’s growing operations in Australia.
Brisbane-based, Mr Jagjit Singh, Business Development Manager, Tritium Australia, said a significant proportion of Tritium products would be manufactured in India, creating jobs and ensuring additional revenue for an Australian company in an emerging EV market.
Mr Michael Sharp, National Director of Advanced Manufacturing Growth Centre and Mr John Wayland, CEO, Cumberland Manufacturing Centre, each presented the Australian viewpoint of doing business in India. Mr Sharpe said there were many emerging opportunities for the manufacturing sector and supply chain between Australia and India.
Several Make in India Start-up success stories were shared by Mr Irfan Malik, Make in India Focus Group Member.
Mr Dipen Rughani, former AIBC National Chair and CEO of Newland Global Group, said manufacturing in India, in a competitive cost environment, could be the key for Australian companies to expand their footprints to other parts of the world.
“Designed in Australia – Made in India, can be the new focus area for the Australia – India partnership. India has developed into an advanced IT service and low-cost manufacturing hub with a large, well-trained, English-speaking workforce. India can provide huge technical expertise to Australian companies,” he added.
The AIBC is a not-for-profit organization facilitating and linking businesses, exporters and investors in Australia and India. AIBC NSW is the largest chapter of AIBC and plays a strong role in creating business connections and leveraging business opportunities between NSW and India.