In March 2022, the Australian government released the update to the Indian Economic Strategy (IES), a five-year action plan that builds on the landmark 2018 India Economic Strategy and responds to evolving opportunities for both countries, changed global circumstances, the growing strength of the bilateral relationship, and key economic reforms in India.
In the words of Don Farrell, the Trade and Tourism Minister of Australia, “Australia and India are natural trading partners, and with this agreement, the government’s commitment to diverse design exposure shows the partnership between the two countries.”
This agreement is not limited to trading but will also unlock deeper economic and social benefits.
India is planning to educate approximately 500 million students by 2035, and the Australian industries have extended their full support to India in meeting the goal. They will be giving educational opportunities to as many Indian students as possible in the next few years.
Don Farrell also adds, “With more than 450 formal partnerships in place between our universities and more than 70,000 Indian students studying in Australia, we have a strong platform to build from.” “We can and must do more.”
India accounts for some 70,616 student enrollments for independent skills training providers (99.2% of total Indian skills training student enrollments) and 18,121 enrollments for independent higher education providers (32% of total Indian higher education student enrollments), according to the 2022 ITECA State of the Sector report.
This agreement received a great response from the independent skills training and higher education sectors.
Troy Williams, the chief executive of Independent Tertiary Education Council Australia, says, “There are strong economic and societal benefits for Australia through improved access to the adult Indian education sector, and ITECA members look forward to developing the collaborative relationships in India to bring these benefits to function.”
The agreement is expected to strengthen the deep educational and research ties for the benefit of both countries.