look news india
Prime Minister Narendra Modi has once again taken a big step towards taking investment prospects in India to new heights. During an important meeting, PM Modi has given an open invitation to the leaders of major Australian companies to come and expand in India. The main objective of this initiative is to further deepen economic relations between the two countries. The Prime Minister has particularly emphasized on the early completion of the Comprehensive Economic Cooperation Agreement (CECA), which will prove to be a landmark in reducing trade barriers between the two countries and promoting bilateral investment in the future. This invitation is being seen in conjunction with India’s ‘Make in India’ and ‘Self-reliant India’ campaign, thereby creating an attractive platform for Australian investors.
CECA Agreement: New Paths to Economic Growth
CECA i.e. Comprehensive Economic Cooperation Agreement is considered to be the backbone of trade relations between the two countries. PM Modi clearly highlighted during the conversation that this agreement will not be limited to papers only, but it will open a new door of opportunities for the industries of both the countries. Completion of this agreement will give impetus to Australian investment in India in sectors such as manufacturing, technology and renewable energy. Additionally, Indian companies will also get direct and easy access to the Australian market. Business experts believe that this activism of the Prime Minister is an important part of the strategy to make India a major center of the global supply chain.
Expanding scope of India-Australia partnership
Inviting Australian companies to India and establishing high-level dialogue with them is indicative of India’s ‘Act East’ policy and strengthening its strategic position in the Indo-Pacific region. PM Modi clarified that India’s growing startup ecosystem and improving infrastructure is presenting excellent opportunities for Australian investors. Australia’s expertise in the field of technology and energy can prove to be a milestone in India’s industrial development. With the ongoing efforts in this direction, there is every possibility of creating new employment opportunities in the coming time and increasing coordination between the economies of both the countries.