“India has produced double the amount of unicorns that China has in the past year” – Barry O’Farrell

This week leaders from Australia and India convened in Adelaide to further extend relationships across both countries.

The world is facing a tumultuous time – its economies are volatile and most nations face higher inflation. How well are the economies of India and Australia recovering from COVID’s effects?

Furthermore, how might entrepreneurs from India, Australia and the world navigate towards hope? 

Barry O’Farrell, Former Australian High-Commissioner to India and Former Premier of New South Wales, observed the strong outlook for India and it’s growing positive influence in Australia, stating that India was “strongly pursuing investment in education, with a median working age of 28 years, it has produced double the amount of unicorns that China has in the past year”. 

O’Farrell also added that both “One in four degrees in Australia will be given to an Indian migrant, and that one in four migrants in Australia are and will be Indian”

Speakers at the session on enterprises in Australia and India included:

• Ashishkumar Chauhan, Managing Director & CEO, National Stock Exchange of India (NSE), India
• Grace Mathew, Managing Director, WeThink Group, Australia
• Barry O’Farrell, Former Australian High-Commissioner to India; Former Premier of New South Wales, Australia
• R Mukundan, Chief Executive Officer, Tata Chemicals, India
• Andrew Kay, Chief Executive Officer, Business SA, Australia

In 2022, India was Australia’s sixth-largest two-way goods and services trading partner and fourth-largest goods and services export market.  Over 85 per cent of Australian goods exports by value to India are now tariff free, rising to 90 per cent by 1 January 2026, and high tariffs have been reduced on some further agricultural products.

In addition, 96 per cent of imports from India are now tariff free, rising to 100 per cent by 2026.

Featured photo of Barry O’Farrell