Speed Post News Network
New Delhi : A five- member delegation of Australian Superfunds called on Commerce & Industry and Civil Aviation Minister Suresh Prabhu here on September 18, 2018. During the meeting, Prabhu highlighted the potential of Indian growth story and assured them of stability and certainty of business in long term. He said India provides abundant opportunities for Australian Superfunds and the priority is to engage them to explore investing in India.
Australia’s superannuation funds valued at 2.6 trillion Australian dollar is one of the world’s largest in terms of volume. The funds have exposure including in various international markets. However, their exposure to Indian markets is still very limited despite continued greater than average market returns in India. India has emerged as the fastest growing major economy in the world with growth rates averaging over 7% annually.
Australia- India bilateral investment cooperation has received a renewed focus from the highest authorities in both the countries. Prime Minister Narendra Modi, during his meeting with his Australian counterpart, on the side-lines of Commonwealth Head of Governments Meeting in April 2018, had discussed the opportunities for Australian Superfunds to invest in the Indian economy. Australians have also commissioned and launched recently an India Economic Strategy which recommends that Australian companies should strive by 2035 to lift India into their top three export markets and to bring India into the inner circle of Australia’s strategic partnerships, among others, according to a PIB release.