The Hindu Business Line : ‘Liberalise mining, financial services sectors’

Chennai, March 23 The Australian High Commissioner in India, Mr John McCarthy, today called for further liberalisation in India’s mining and financial services sectors.

Addressing the nineteenth annual day of the Indo-Australia Chamber of Commerce, Mr McCarthy observed that despite the Commonwealth heritage of the two countries, the Indo-Australian relationships were way behind Australia’s engagement with Japan, China and Korea.

The number of Indian students studying in Australia has jumped to 93,000 from 21,000 over the last four years and Australia is also becoming an as attractive destination as the US, he said. The High Commissioner said that both countries would have to work in the field of high-end education such as science and technology.

When asked about the Free Trade Agreement (FTA) between both the countries, Mr McCarthy said, “My guess is, and studies point out, it may take 2 to 3 years, but I cannot say it with certainty”

Talking about ‘A perspective on current India-Australia business trends,’ Mr Sarat Chandran, Director, Indo Australian Chamber of Commerce, said that Australia’s core strengthen have become more visible in this economic downturn than in an upturn.

An Indian chamber delegation had visited the country and interacted with over 100 companies, most of them in the small and medium sector. Australia has a vibrant SME culture with over 1.3 million small businesses. It is these companies battered by the shrinking market, escalating costs and skill shortages that are looking at opportunities in India, he said.

There are now 1,500 Australian companies doing business with India. Mr Chandran said that India needs to look at a strong approach for SME-SME collaboration. In spite of the slow down, there have been initiatives between both the countries in terms of business and education.

A Victorian Government agency has recently signed an agreement with TT Enterprises to recruit 10,000 workers after due process of skill assessment.

The Institute of Chartered Accountants of India has entered into a mutual recognition agreement with its counterpart in Australia so that Indian chartered accountants can practice and work in Australia, after completing a ‘bridging qualification’. University of Western Australia has announced 50 scholarships exclusively for Indian students admitted for doing post-graduate programme in biotechnology, Mr Chandran said.

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