What should Australian business do to get a foothold in the world's fastest growing large economy, India.

In an eye-opening article in the Australian Financial Review, Ashok Jacob and Mukund Narayanamurti, argue that for Australian business to embark on another generation of uninterrupted growth, they need to change their perspectives of India.

Below is the summary of the article titled "How to update your thinking on India: four fundamental shifts for Australian business"

• Just like Ross Garnaut's report "North-east Asian Ascendancy" in 1989 to the Giovernment expressed in a simple way the benefits of engaging with China. Australian business took it on and engaged with China and paved the way for trade with China becoming the engine of growth for the next three decade. The report by Peter Verghese received by the Government on its engagement with India has a similar potential for Australian business. The question is whether the Australian Business wants to step up to it and embark on the another generation of growth and prosperity?
• In order to do so, there are four fundamental changes to the thinking of Australian business are required.
• Many sectors of the Indian economy continue to grow at a significant rate, resulting in the Indian economy growing at 7% - 8% . This is further aided by a growing wealthy population that will only consume more underpinning India's growth for years to come. This is a significant opportunity for Australian business.
• Many states have an economy that exceeds New Zealand but Australian investment is 10 times the investment in India. This has to change or Australian Business will be left behind.
• Australian business needs to revise its stereotype view of India that its a low cost market and hence cannot afford high cost Australian offerings and need to innovate to enter into the Indian market.
• India will not be the next China in terms of trade in that export of services ad investments in India will underpin relationship.

If you would like to read the full article, read it at https://www.afr.com/news/world/asia/how-to-update-your-thinking-on-india-four-fundamental-shifts-for-australian-business-20181120-h185e3 (paywall)