A new bilateral trade agreement between India and Australia means big opportunities for business collaboration with Asia’s rapidly accelerating powerhouse. The Migration Agency’s founder Sarah Thapa recently presented to an Indian delegation from NASSCOM, hosted by Investment NSW in Sydney. She shared some of the ways local businesses can harness immigration to connect with India’s dynamic startup ecosystem.
India – an emerging tech hub
India is the third largest startup ecosystem in the world – more than 60 new businesses are established there every day. Startup founders take incredible personal risks to get their projects off the ground, so the government plays a crucial role in enabling the growth of this sector.
NASSCOM, the trade association of the tech industry in India, made recommendations around a number of enablers for startups for India’s new budget. The budget factors in the substantial use of technology, from powering sustainable mobility to using tech in agriculture.
Startup20, an engagement group under India’s presidency of G20 (a global economic cooperation forum), was also recently launched in Hyderabad, in order to convene startups across the G20 member countries.
India – a talent opportunity
The Australia-India Economic Cooperation and Trade Agreement (AI-ECTA) removes or reduces tariffs on exports. Forward-thinking businesses should plan to take advantage. With more than 60% of Australian fin-techs based in NSW, this is a major priority area for the State.
Free trade agreements and innovative visa programs provide incentives to attract top global talent to Australia. India ranks as the number one source country for both permanent skilled migration and temporary employment or skilled visas.
With strong Australian ties to India, this agreement presents a huge opportunity for companies to capitalise on enhancements to talent mobility and skills recognition between the countries.
Visa pathways available
The trade agreement supports access for a range of Australian and Indian skilled service providers, investors and business visitors. It’s expected this will facilitate investment and provide businesses with greater certainty.
Along with tax and various business establishment incentives, the agreement opens up 1,000 Working Holiday Visa places and post-study work rights for Indian graduates. In addition, it creates access for 1,800 qualified traditional chefs and yoga instructors every year.
The agreement also supports a new Professional Services Working Group to streamline recognition of qualifications, licensing and registration procedures between the two countries.
For Australians interested in heading to India, the agreement provides clarity around visa pathways, application procedures, periods of stay and other visa conditions from India.