India-Austria: Partners in the tech-driven economy - IBT Newsletter Dec 11-15, 2023

Austria-India trade relations are showing strong progress, with bilateral trade reached an all-time high of EUR 2.7 billion in 2022 and growing at a rapid pace. But the growing collaboration between the two countries extends well beyond trade.

In an exclusive interview with India Business & Trade, Hans-Joerg Hoertnagl, the Austrian Trade Commissioner, provides a nuanced perspective on the evolving economic dynamics between Austria and India. Hoertnagl reflects on India’s remarkable economic growth, emphasizing its status as one of the world’s fastest-growing economies.

Hoertnagl explores key sectors of interest for Austrian companies, shedding light on their strengths in technology niches and their substantial contributions to sectors such as railways, smart cities, and automotive industries in India.

As the interview unfolds, the Trade Commissioner articulates his vision for the future, emphasizing the potential for deeper collaborations in emerging sectors like smart cities and the energy transition. This insightful conversation provides a comprehensive overview of the current state and future possibilities in the Austria-India economic partnership.

India’s sauces and condiments are steadily growing their share in the global market, with a focus on exports. In recent years, the country has seen a surge in the export of sauces, including soy sauce, tomato ketchup, mayonnaise, salad dressings, and mixed seasonings.

This highlights a growing trend in preference for Indian producers in this segment. The export growth is complemented by the nation’s rich spice sector, which has contributed substantially to the economy.?

Despite the strong growth rate, India is still ranked 35th in global exports, which shows the strong potential for further expansion. IBT looks at the potential of this sector and strategies for tapping this potential.

Girish Kabra , Vice President, Modern Food Products , spoke with India Business and Trade and expressed excitement about their debut at the upcoming Indusfood exhibition. After diversifying into chilli products in 2006, the company expanded its footprint, particularly in the Gulf countries and recently in Europe.

Kabra highlighted the company’s commitment to quality through glass packaging and adherence to certification requirements. He anticipates India becoming the primary supplier of authentic food globally by 2030.

Indian companies are undergoing a significant transition driven by the growing awareness among consumers and investors about the importance of sustainability. Both, consumers and investors are nowadays more inclined to support companies that show a strong commitment to sustainability.

About 82% of Indian business leaders in a survey conducted by IBM and Morning Consult , have expressed a strong intent to hire professionals with expertise in green and sustainability technologies.

Dr. Arpita Mukherjee , Professor, ICRIER , and renowned trade economist, delves into the complex landscape of processed and ultra-processed foods in a candid interview with IBT. She sheds light on the escalating health challenges posed by these food categories and explores the dichotomy of malnutrition versus the abundance of ultra-processed options in India.

She also emphasizes the imperative for Indian government and industry collaboration to navigate this paradigm shift. Her insights extend to the opportunities for India to become a major player in global processed fruit and vegetable exports, tackling health concerns, and aligning with evolving international standards.

Santosh K Gurunath , Founder of Umagine , shares the inspiring journey of establishing Umagine to address climate change and sustainability gaps in corporate focus. With a background in oil and gas, Santosh transitioned to entrepreneurship, emphasizing Umagine’s role as a change agent in sustainability.

The conversation delves into Umagine’s evolution from a Netherlands-based EPC company to a hydrogen-focused entity in India. Santosh highlights challenges in green hydrogen, Umagine’s pivotal role in the hydrogen fuel cell space, and the vision to leverage indigenous technology for India’s energy transition. He also offers valuable advice to business leaders and policymakers.

Choithrams stands out as a thriving conglomerate, boasting engagements in various sectors such as wholesaling, commodity brokerage, and the production of both edible and non-edible goods. Since its inception in the UAE in 1974, Choithrams has evolved into a retail powerhouse, currently overseeing a network of more than 39 supermarkets.

As a steadfast participant in events like Indusfood, India Business and Trade had the opportunity to engage with Pankaj Sajnani , Category Manager of FMCG Retail at Choithrams. During the discussion, we delved into the company’s forthcoming strategies and their anticipated aspirations for the upcoming Indusfood 2024.

Vishwa Chordia , Director – Suhana Seven Seas, International Business Division, shared insights into the journey of Suhana- Pravin Masalewale , reflecting on its 60-year legacy. Detailing milestones like global presence, he emphasized technology’s role in maintaining quality.

Discussing market strategies, he highlighted the company’s adaptability to global F&B trends. Anticipating Indusfood’s growth, he positioned it as a crucial platform for Indian brands. The interview delved into pragmatic aspects, offering a genuine perspective on Suhana-Pravin Masalewale’s evolution and its outlook in the dynamic F&B landscape.

The interior design segment for commercial spaces in India has witnessed a transformative evolution, marked by innovation and adaptability. The growth is attributed to factors such as robust hiring, expansion of startups, and an evolving entrepreneurial landscape.

Kunal Sharma , Founder and CEO, Flipspaces , spoke with India Business and Trade on the state of the interior design segment for commercial spaces in India. In an elaborate conversation, he highlights the resilience of the commercial real estate industry amid the pandemic, as India has shown remarkable growth in this sector, with a CAGR of 11-12%, surpassing the global average. Sharma also emphasized on the significance of physical workspaces for building culture and

collaboration, driving the demand for commercial real estate.?

As per a survey by College Vidya involving 20,000 participants across 13 cities, online education witnessed a 32% surge in demand from Tier 2 and Tier 3 cities in 2023. The demand for online education is projected to increase by another 20% in 2024.

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