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Update to the 2018 India Economic Strategy

The Department of Foreign Affairs and Trade (DFAT) is leading a short update of An India Economic Strategy to 2035 (IES) with the objective of setting priority action items for Government to achieve over the short-term.

Former DFAT Secretary Mr Peter Varghese AO authored the IES and presented it to Government in April 2018.

The case for sustained strategic investment in the economic relationship with India has not changed and the Government remains committed to the IES’s ambition and framework.

It is timely to undertake an update for several reasons, including:

  • consideration must be given to the impacts of COVID-19
  • India’s launch of the Confederation of Indian Industries’ Australia Economic Strategy in December 2020
  • Australia-India ties have entered a new phase by elevating the relationship to a Comprehensive Strategic Partnership in June 2020, and
  • Australia’s and India’s economic and geostrategic circumstances have changed.

Over the coming months the update will:

  • take a fresh look at the original IES recommendations
  • stocktake current progress
  • assess implementation in a changed environment
  • consider other priorities which have emerged, and
  • recommend action to drive the economic relationship.

Stakeholder consultations will be held virtually across Australia throughout August and September 2021 to inform the update. Stakeholders will include Australian and Indian governments, as well as business and diaspora communities.

Should you wish to provide input, please send your contributions to

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