Australia sees economic opportunities in India in the financial services, agri-business, logistics, mining and infrastructure sectors, the Australian Minister for Employment and Workplace Relations and Financial Services and Superannuation, Mr Bill Shorten, said on Friday.

“In financial services three of our four big banks already have licences. This is not my opinion but I do get reports from some private sector business people that the processes of getting licences can be a little complex. We are patient. We think the Indian market is good for our banks,” the Minister said.

Besides, the $1-trillion investment being planned by India in infrastructure over the next few years was also an area of interest “in terms of good solid investment which have good returns on equity”, the Minister said. He added that the challenge is to increase the level of familiarity.

On the issue of foreign direct investment in retail, Mr Shorten said that this was an issue in almost all countries. While refusing to get in to specifics about India, the Minister hinted that State elections may have had a role to play in the Government decision.

“Someone famous once said timing is not the most important thing it is the only thing. So I would rather leave the domestic Indian politics to those qualified to judge it which is the 115 million voters,” Mr Shorten said.

ashphadnis@thehindu.co.in

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