The nation set to become the most populous on earth could be a tourism goldmine for Australia if we play our cards right, says a new government report.
The report emphasises the growing significance of the Indian market to Australia’s tourism industry and the importance of capitalising on India’s projected growth.
Compiled by University of Queensland vice chancellor Peter Varghese, it predicts the number of Indian visitors to Australia growing four-fold by 2035, meaning tourism from the subcontinent could be worth over $9 billion each year to the local economy.
Titled An India Economic Strategy to 2035: Navigating from potential to delivery, it examines the role Indian travellers currently play in Australia’s tourism industry and identifies challenges and inhibitors to future growth.Tourism Accommodation Australia CEO Carol Giuseppi says it is a “timely reminder” to government and industry that Australia’s policy settings, marketing campaigns and relationships must be focused on capitalising on the “unique opportunity”.
“India and Australia currently enjoy a very warm relationship with significant cultural, social and economic ties, making us well positioned to take advantage of the huge potential growth in travellers from India,” she said.
“The scale of opportunity for Australia’s tourism industry cannot be overstated – the report concludes that India is projected to go from being Australia’s eighth largest tourism market today to our fourth by 2035.”
The report, which outlines strategy for the Australian government towards India moving forward, argues there is no single major market with more growth opportunities to 2035 for Australian business.
“Australia’s ties with India are long-standing and strong. What’s now needed is a step change in the economic partnership, led at the highest levels of government and business,” it states.
“The India Economic Strategy is an ambitious plan to transform Australia’s economic partnership with India out to 2035. Getting the Strategy right will strengthen the resilience of the Australian economy and help realise India’s aspirations.”
Mr Varghese identifies five underlying drivers to fostering the relationship: to “grow the Australia India knowledge partnership; make the most of the complementarities between our economies; improve the ability of our markets to operate with each other; develop well-informed understanding of each other; and build relationships which will sustain themselves for the long term”.