Mag Corner
More than Cricket, Curry and the Commonwealth: Forging a stronger Australia – India relationship
Whilst there have been false starts to the Australia – India relationship in the past, could the convergent COVID-19 pandemic and North Asian geopolitics tensions be the trigger for accelerating ties between our two countries towards a strategic partnership?
by Jai Patel
W
ith a surge in COVID-19 cases in recent weeks, all eyes are on India’s response to the immediate health crisis and eventual return to economic activity and growth. Australia is well placed to assist India having (so far) managed successfully the twin health and economic crises. This will no doubt be a central theme at the bilateral virtual summit planned between Prime Ministers Morrison and Modi on 4 June. It is in Australia’s interests to not only share our recent experiences but to proactively work with India in strategic ways to partner across scientific & medical research, technology and innovation in the health sector.’ India has its work cut out to manage the health crisis and reinstate economic growth which in a pre COVID-19 world, was forecast to be at least 5-6 percent in FY20, but is now slashed by the Reserve Bank of India into negative territory for FY21. An economic recovery in the second half of the current fiscal year is
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critical not only to India’s economy, but also Australia’s as we seek to urgently diversify our trade and investment relationships. T he present geopolitical context provides Australia and India the opportunity to enshrine the economic relationship in fundamental shared values and strategic interests – moving away from the clichéd 3Cs of Cricket, Curry and the Commonwealth and an otherwise transactional attitude to business. A bilateral economic relationship built on these pillars will enable incremental and sustained growth into the longer term.
JUNE I 2020
In a post COVID-19 world – an era of rising geopolitical tensions, changing business models and shifts and realignments in global supply chains for greater business resilience and stability – Australia and India have the opportunity to refine and redirect focus on those areas and sectors where there are immediate and obvious demand and supply side requirements. Australia has much to gain from India’s recovery and continued growth trajectory over the next decade and beyond. This is the very crux of, An India Economic Strategy to 2035, (IES) commissioned by the Australian Govern-
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