India and Sri Lanka market overview
With a population estimated at almost 1.4 billion in 2020, India is the world’s largest democracy and predicted to be the world’s third-largest economy by 2030.
India is undergoing major reforms and embracing pro-business policies to drive its large-scale development program. Rapid urbanisation of 300 million people by 2050 will change the Indian market’s appetite for sophisticated goods and services in the next 5–10 years.
Public-private partnership models are evolving with the advent of private participation, particularly in telecoms and infrastructure. eCommerce and eLearning too, are a rapid-growth sectors.
Characterised by scale, skill and speed (a ‘3S’ approach), successful business ventures in India are typically either high-volume/low-margin or provide niche products or services.
The island nation of Sri Lanka, with a of around 21.9 million, is the world’s 64th largest economy. Sri Lanka’s geographical location on the Indian Ocean’s global shipping route has long provided a strategic advantage.
Sri Lanka’s economy is driven by private sector services such as telecommunications, transport, banking and tourism; and export industries including apparel, ceramics, gems and tea. It also is home to a sophisticated software industry. Sri Lanka also is the world’s top cinnamon producer, leader in solid tyres and 10th largest rubber producer. Overseas remittances through employment is a significant foreign exchange contributor.
With the end of civil war hostilities in 2009, investment brought by reconstruction programs has grown in tourism and infrastructure.
Queensland and South Asia
India is Queensland’s fourth-largest two-way trading partner, and also Queensland’s fourth largest export market.
India is poised to grow its economy, with a strong focus on modernisation, consumerism, capability development, and skill and capacity building, which bring significant opportunities for Queensland across diverse sectors.
Australia and India launched negotiations for a Australia-India Comprehensive Economic Cooperation Agreement in 2011, with the most recent round of negotiations held in 2015.
Sri Lanka is a particularly strong market for Queensland food and agribusiness. In services trade, Queensland is a popular choice for Sri Lankan students looking to study abroad.
India and Sri Lanka opportunities
- Coal – both exports and energy development in-market
- Infrastructure – urban design, architecture, housing, precincts
- Education and skills training
- Processed food, horticulture and agricultural technology
- Mining equipment, technology and services
- ICT- and health-focused innovation and research collaborations
- Business incubation hubs
- Sustainable food
- Professional services
- Education and training
- Research and development
- Queensland-India Trade and Investment Strategy 2018–2023
- Mining India’s METS opportunities
- Asialink, Doing Business in India
- Asialink, Doing Business in Sri Lanka
- Austrade, Market profile – India
- Austrade, Market profile – Sri Lanka
- Austrade, Market Information Package for Australian education institutions
- DFAT, An India Economic Strategy To 2035
- DFAT, Australia-India Comprehensive Economic Cooperation Agreement
- DFAT Market Insights India
- DFAT, Market Insights Sri Lanka