India-Mystical No Longer: Bob McMullan Draws Attention to What Australia Should Do

By McMullan, Bob | Business Asia, March 2005 | Go to article overview

India-Mystical No Longer: Bob McMullan Draws Attention to What Australia Should Do


McMullan, Bob, Business Asia


India remains the great untapped trade opportunity for Australia. I was involved in a Senate inquiry into Australian relations with India 15 years ago. We concluded then that Australia's relationship with India suffered from "benign neglect" or perhaps even "shameful neglect". This was at a time that the opening of the Indian economy was just beginning although the signs were already clear.

But we missed them then and we continue to fail to take full advantage of the giant trade opportunities that India offers. And there should be no doubt that there are big opportunities or that we are failing to win a fair share of the opportunities that exist. This is not just a government responsibility. It is a product of a mind set in business, government and the wider community which sees the great opportunities to our north in China but fails to look westward to India.

In the period 1993 to 2003 Australian exports to India have grown steadily. But, our share of the market has fallen!

After allowing for some changes in measurement and one off factors Australian exports to India trebled from 1993-1994 to 2002-2003. By the end of that period exports to India were $2.58 billion. However our share of India's total imports fell from 3.2 percent in 1993, 2.2 percent in 2002. If our share had been maintained our exports would be at least $1 billion greater.

We cannot excuse ourselves by blaming competition from low wage countries or those closer to India. The painful fact is that nations such as Canada, for example, which had a smaller share of India's trade at the start of the period, have increased their trade with India more rapidly than Australia.

The big trade opportunities are not only in the obvious areas of merchandise trade. There is tremendous potential in services trade as well. It is well know that India is strong in IT and related industries. Collaboration and cooperation in this sector can be a direct source of trade and investment and also contribute to the efficiency in other sectors of Australian industry.

Less obviously, there are big business opportunities in a range of other service sectors. Ten years ago I introduced several Australian financial sector businesses to the then finance minister, Manmohan Singh, to discuss opportunities which would emerge as he opened up that sector of the economy.

I was impressed then with his commitment to openness and reform.

Now that Manmohan Singh is Prime Minister of India his profound contribution to economic reform is equally apparent and more important.

Recent efforts by the Australian Film Industry give reason for confidence that the Indo-Australian film trade hold strong growth potential.

The leader of a recent film industry delegation to Mumbai, well know producer John Winter, saw opportunity for a series of co-production projects between the two countries to be realised. Furthermore, IDP has recognised great potential to attract students to Australia's world class film and television courses.

This is just the tip of the potential iceberg of India's students who might be attracted to Australia. In this are at least we are beginning to wake up to India's potential.

Pressure from competition from other countries has turned Australian universities' eyes to new markets, including India.

The United States has traditionally been Indian students' number one destination. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

India-Mystical No Longer: Bob McMullan Draws Attention to What Australia Should Do
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.