Based on Shashi Tharoor’s recent talk and my thinking and discussions over the years, I believe the following areas offer opportunities for Victorians interested in doing business with India.

EXPORTS TO INDIA

• Education (technical education) to be delivered in India
• Higher-end education for India's wealthy classes (e.g. private schools/ high end universities)
• Food (particularly brand-name processed small goods, wines, high-end cheese)
• Sale of land to Indian private businesses to produce food to export to India
• Tourism
• Brown coal and possibly some other mineral products
• Aeronautics (both maintenance and spare parts)
• Space and high end information technology
• Wool
• Health and drugs technology
• Governance technology (e.g. Victoria’s institutional frameworks and market approaches) (I’d like to see more thought given to a governance relationship – particularly through ANZOG, SSA, and VCEC)

FRANCHISING IN INDIA

• Food processing technology (farm to consumer, e.g. aggregation of food, sorting, warehousing, distribution)
• Urban services (e.g. gyms, facilities management including automated parking, events management, swimming pools and community centres, etc.)

DIRECT INVESTMENT IN INDIA

• Insurance
• Banking
• Airlines
• Mutibrand retail
• Outsourced IT and manufacturing
• Investment in the stock market
• Drug research
• Finance R&D

IMPORTS FROM INDIA

• IT
• Telecom expertise
• Marble and granite
• Clothes
• Automobiles
• Sporting goods
• Indian wines, whiskeys, and specialised liquor (e.g. Feni) [This is an unexplored sector]
• Paper and printed paper products
• Footwear
• Scientific instruments

Data (for Australia)

Australian exports to India:     A$15,246 million
Australian imports from India:     A$2,234 million [Source]

Others' opinions

Australian Business International Growth Specialist's man on the ground in India, S P Joshi, advises that Australian businesses are in a good position to supply some of India's fastest growing sectors.

He identifies sectors of significant potential as:

• Biotechnology & Pharmaceuticals;
• Chemicals;
• Communications;
• Creative Industries & Media;
• Education & Training;
• Environment;
• Financial Services;
• Fire, Police & Security;
• Healthcare and Medical;
• Metallurgical Process Plant;
• Mining; Ports & Logistics; and
• Power.

Potential for exporting Australian commodities also exist in the IT industry, which it is predicted to be worth $US 77 billion by 2008, and the manufacturing textile and retail industries.

Retail/franchising opportunities are experiencing revolutionary growth. Over 200 shopping malls are planned over the next 18 months, an initiative which is supported by the Central and State governments. This is the fastest growing mall development in the world.

Franchising, a popular form of retailing, has been growing at a rapid rate with chain stores multiplying rapidly, opening up opportunities for exporters of a wide range and variety of consumer products.

Now that restrictions for importing processed foods into India have been lifted, this too is an area with potential and already some Australian companies have made inroads in this area.

Bennett further comments: "Australian Business is currently working with increasing numbers of companies who are interested in the opportunities available in India. These companies come from a large range of industry sectors including engineering, mining equipment and services, health and medical products and retail franchises. There has also been some interest from companies who need assistance with joint venture operations based in India". [Source]

These are preliminary thoughts. This blog post is a placeholder and I'll update as ideas come to mind.

Happy to receive your thoughts.

Related posts:

1. Arbitraging health opportunities between India and Australia
2. Victoria offers ten new PhD scholarships to India’s finest scholars
3. The uncertainties in doing business in India
4. Reforming the regulatory environment for doing business in India
5. Expect now a revolution, a frenzy of investment in retail in India
6. My meeting with Rohini Kappadath – a Calcutta graduate who promotes India-Australia business ties
7. India begins its next reform journey. Now for governance, training and regulatory reform.
8. Why do airfares matter? Only safety is the business of government
9. Govrank – some initial thoughts on its business model
10. Do you want to earn my respect, Indian business leaders and politicians? Then do this.