The recent visit of Indian Prime Minister Narendra Modi to Australia highlighted the growing relationship between the two countries in areas such as trade, defense, education, and migration. The visit was met with enthusiastic support from Indian Australians, emphasizing the importance of bilateral ties. The visit was followed by Australian Prime Minister Anthony Albanese leading a business delegation to India, further underlining the significance of the Indian market.

ANZ, an Australian banking institution, recognizes the immense potential of the Indian market and has been actively expanding its operations in the country. With India poised to become the world’s most populous country and the third-largest economy, ANZ Research estimates that bilateral trade between Australia and India alone could reach $US52 billion by 2030. ANZ’s India business, which serves global multinationals operating in India and Indian multinationals operating globally, has been growing at a rate of over 20% per year and delivering strong returns to shareholders.

ANZ acknowledges the transformative reforms taking place in the Indian economy, particularly with the implementation of the “Indian Stack” – a combination of a biometric national ID system, widespread access to smartphones, and a real-time payment network. These reforms are unlocking productivity and improving the lives of Indians. ANZ’s presence in India extends across three cities, with a focus on serving large local corporates, global multinationals, and financial institutions.

Moreover, ANZ recognizes the opportunities in India’s energy transition, digitization efforts, and the availability of a skilled technology talent pool. The bank has set ambitious sustainability targets and has been actively involved in sustainable finance deals.

With its strong presence in growth markets like India, ANZ is well-positioned to capitalize on India’s economic growth and emerging opportunities, making it uniquely positioned among Australian banks to benefit from India’s ongoing emergence.