KIA ORA INDIA | VOL 04 Issue 06 | June 2023

potential

cancer collaboration for University of auckland and Tata memorial

spotlight on education

Collaboration and cooperation: Key to India future international

education success

with the High Commissioner of India

Open for Business: Interview Neeta

Bhushan

delegation visit strengthens education relationship with india

ALSO INSIDE

Unleashing the Indian Digital revolution

Zespri explores to assist the local Indian Kiwifruit

MFAT India ecenomic update

Duco consultancy: Investing for the future

CONTENTS

6 Executive Briefing: New Zealand’s Role in Bridging Indian Education Needs

In today’s interconnected world, fostering stronger ties between nations goes beyond traditional trade agreements. It requires innovative approaches that address various aspects of bilateral relationships. One such avenue lies in the realm of education, explore INZBC head of strategic partnerships, Sunil Kaushal.

7 India and NZ to use Rupee and UPI for trade and financial deals

India and New Zealand are strengthening their economic ties, writes INZBC Treasurer, Jay Changlani.

8 Unlocking India and New Zealand’s trade potential – the INZBC India report 2023

India is poised to become the world’s third-largest economy with the world’s largest national population. INZBC published a deep dive into the current state and the future growth potential of this relationship. INZBC writer, Priti Garude deep dives into the INZBC India report 2023.

13

10 Open for business: ‘It is now really easy to do business with India’ - High Commissioner of India Neeta Bhushan

High Commissioner of India to New Zealand Neeta Bhushan spoke to INZBC about the impact of the INZBC India report and how New Zealand needs its own approach on growing its relationship with India.

13 Rakon opens state-of-the-art research and manufacturing facility in India

New Zealand-based high-tech manufacturer Rakon gives INZBC a peek into its recently inaugurated research and manufacturing Centre of Excellence in Bengaluru, India.

16 India Strategy: Investing For The Future

In today’s environment, organisations need to rethink and reshape their strategic ambitions and deploy strategies that act as underlying market differentiators, writes INZBC strategic partner Duco Consulting.

18 Cancer Collaboration for University of Auckland and Tata Memorial Hospital

A comprehensive economic partnershipwith India: what New Zealand can learn from Australia

A digital platform for clinical trials to track study-related activities for cancer patients, a digital platform to make outpatient clinics more efficient; and a digital method to enhance prescription medicine safety - are just some of the projects envisaged for this relationship.

Jeena Global strives to transform logistics and Supply chain in Oceania

Rakon opens state-of-the-art research and manufacturing facility in India

India and NZ to use Rupee and UPI for trade and financial deals

CONTENTS

20 Delegation visit strengthens education relationship with India

In April, the New Zealand India Education Week saw an ENZ-led delegation from all eight universities pave a unified approach to student mobility and internationalisation initiatives between the two countries.

22 India: Unleashing the digital revolution for unprecedented growth

Valocity founder Carmen Vicelich talks about her recent whirlwind trip across three Indian cities, where she witnessed firsthand how India embodies the winning formula of a harmonious blend of technology, data, and people.

23 Jeena Strives to Transform Logistics and Supply Chain in Oceania

As an international freight forwarder, Jeena intends to leave a mark everywhere, with plans to grow their operations and open branches across the globe.

24 MFAT India Economic Update – April 2023

Vol 0 4 |

Issue 0 6 - JUNE 2023

Publisher: India New Zealand Business Council

ISSN 2815-942X

Editorial Direction: Garry Gupta & Sunil Kaushal

Content Development: Priti Garude

Design & Production: Media Solutions Kiwi Ltd., Swati Bansal

Contributors in this issue: Sunil Kaushal, INZBC head of strategic partnerships, Jay Changlani, INZBC treasurer, Rahul Sen, Senior Lecturer, School of Economics, AUT, Sushrutha Metikurke, Commercial Manager, Educating for the future G2G, NZTE

For Advertising, contributions & feedback contact: Garry Gupta, Secretary, INZBC. Email: secretariat@inzbc.org | +64 9 574 5220

Office Address: Suite 7, Palm Space Office Complex, 4343 Great North Rd, Glendene, Auckland 0612

26 What New Zealand can learn from Australia

Statistic points to the hard fact that Asia will be the global engine of economic growth by the end of 2023. From New Zealand’s perspective, trade, and economic relationship with both these economies should be a priority, writes INZBC researcher Rahul Sen.

Postal Address: PO Box: 20092, Glen Eden, Auckland 0641, New Zealand

We would like to thank all our partners and supporters

FROM THE CHAIR

KIA ORA INDIA | June

2023

Welcome to a new issue of the India New Zealand Business Council bi-yearly magazine, Kia Ora India.

In April this year, the council launched a discussion document titled: India & New Zealand, A Relationship Ready for Its Next Phase, which presented an assessment of the current state of India-New Zealand trade relations, together with some ideas on what needs to happen next. After six months of listening and engaging with our members and wider stakeholders, two strong themes emerged from this conversation.

Securing access to a diverse set of trading partners and markets has long been a central preoccupation of our country’s trade policy and must remain so. But our business relationship building with India cannot begin or end with finding markets for New Zealand-sourced goods and services.

The scaling potential for New Zealand manufacturing and service businesses operating in India also presents a significant opportunity to build business.

Many more come to study, visit, and work. They make huge contributions to the well-being of our country and are well placed to do more for its relationship with India.

The second theme that came through is that India is different; accordingly, it requires a different approach. Fifteen years of trying to negotiate a conventional trade agreement, first bilaterally then through the RCEP, has delivered nothing. The priority needs to be on strengthening the wider bilateral trade relationship; a comprehensive trade agreement is unlikely to be secured with India unless, and until, a deeper more trusting trade relationship is established.

The message is that progress in trade liberalisation will involve understanding and acting on what New Zealand can do for India, just as clearly as what India can do for New Zealand.

India must be a diplomatic priority for New Zealand. It is very encouraging to see the recent step-up in diplomatic activity that both governments are making to engage and find fresh approaches. Dialogue and trust will lead to trade and investment.

The recent visits to India by senior New Zealand government ministers and, in the opposite direction, Indian Foreign Minister Jaishankar have been refreshingly warm and productive. Minister Jaishankar characterised the relationship as being “…ready for its next phase”. He also made the point that strong commercial relationships and the bonds between businesspeople that underpin them are an important part of the foundations of any relationship between two countries. INZBC strongly agrees with both points.

New Zealand has some catching up to do - as a country with a lot to offer India, we are at risk of being further marginalised as the centre of economic and geopolitical gravity shifts towards India over the next generation. New Zealand must get serious about India and invest in this relationship now - we cannot afford to be left behind.

Our report, and the recommendations in it, are aimed at leaders in government, business, academia, and the cultural and sporting sectors, with the objective of creating greater coherency and urgency in our approach to India. All of us have a role to play.

Earl Rattray Chair, INZBC

Earl Rattray has a long-standing dairy industry career, both in farming, and in senior dairy industry leadership roles. He was a founding Director of the Fonterra Co-operative Group, and past Chairman of the NZ Dairy Companies’ Association. Earl is based in the Waikato. He is a director of several local Agri sector companies and chairs the governing board of Binsar Farms Pvt Ltd, a Haryana-based farming and fresh milk marketing company operating in the Delhi NCR.

New Zealand’s Role in Bridging Indian Education Needs

In today’s interconnected world, fostering stronger ties between nations goes beyond traditional trade agreements. It requires innovative approaches that address various aspects of bilateral relationships. One such avenue lies in the realm of education. By leveraging its robust education system, New Zealand can play a crucial role in bridging the education needs of India and building closer ties between the two nations, even in the absence of a Free Trade Agreement.

Capitalising on Educational Excellence

New Zealand’s education system has gained international acclaim for its quality and innovation. By offering Indian students access to world-class education, New Zealand can attract a significant number of Indian learners, thereby facilitating cultural exchange and fostering mutual understanding. Furthermore, New Zealand’s commitment to inclusivity and diversity in its education system aligns well with India’s diverse population, creating an environment that welcomes Indian students and provides them with an enriching educational experience.

Strengthening Academic Collaboration

To bridge the education needs of both countries effectively, it is essential to foster academic collaboration between New Zealand and Indian institutions. This collaboration can take various forms, including faculty and student exchanges, joint research projects, and twinning programs. By facilitating knowledge sharing and cross-cultural interactions, such partnerships can enhance the educational experiences of students from both nations while also nurturing long-term research collaborations that address shared challenges.

Addressing Skill Development Requirements

India’s rapidly growing economy demands a skilled workforce across various sectors. New Zealand can contribute significantly to India’s skill development initiatives by tailoring its educational programs to meet India’s specific needs. By identifying priority areas and designing targeted courses, New Zealand can equip Indian students with the necessary skills and expertise, thereby boosting India’s human capital and fostering

Sunil Kaushal

INZBC

economic growth. Collaboration with Indian industry bodies and policymakers will be instrumental in aligning the curriculum with India’s evolving demands.

Leveraging Digital Education

The global pandemic has accelerated the adoption of digital education, presenting a unique opportunity for New Zealand and India to forge stronger educational ties. By leveraging its expertise in e-learning and online platforms, New Zealand can provide Indian students with access to quality education remotely. This can be achieved through joint initiatives such as virtual classrooms, online courses, and interactive learning modules. Additionally, New Zealand can share best practices in leveraging technology for education with Indian institutions, further enhancing the digital transformation of Indian education.

Supporting Student Mobility

Ensuring smooth student mobility is essential for bridging educational needs between New Zealand and India. New Zealand can simplify visa processes, provide scholarships, and streamline recognition of Indian qualifications to attract more Indian students. Similarly, Indian policymakers can promote awareness about the benefits of studying in New Zealand and facilitate credit transfers between Indian and New Zealand institutions. By removing barriers and supporting student mobility, both countries can nurture a vibrant academic exchange that strengthens bilateral relations. One of the successes in education sector was my initiative of Funds Transfer Scheme, which worked really well across agencies including ENZ, INZ, MFAT and ANZ Bank.

In the absence of a Free Trade Agreement, New Zealand can play a pivotal role in bridging the education needs of India and forging stronger ties between the two nations. By capitalising on its educational excellence, fostering academic collaboration, addressing skill development requirements, leveraging digital education, and supporting student mobility, New Zealand’s education sector can contribute significantly to this endeavour. The initiatives proposed above, can serve as a roadmap for New Zealand to build a more robust educational partnership with India, leading to mutual benefits, cultural exchange, and closer bilateral ties.

Head of Strategic Partnerships,

Sunil Kaushal is one of the leading commentator on Business, Commerce and International Trade particularly focusing on India. He has first-hand on the ground experience in guiding New Zealand firms expand into India.

India and NZ to use Rupee and UPI for trade and financial deals

India and New Zealand are strengthening their economic ties by using the Indian rupee and the Unified Payments Interface (UPI) for trade and financial deals instead of relying solely on the US dollar. The move towards non-dollar transactions is part of a wider trend to reduce the dependence on the dollar and improve the global financial order.

UPI is a real-time payment system developed by the National Payments Corporation of India, and it allows customers to send and receive money instantly using a smartphone. UPI has revolutionized the payment system in India, providing users with enhanced convenience, security, and speed. The system has become immensely popular in India, with more than 2 billion transactions worth over INR 5 trillion processed in July 2021 alone.

India and New Zealand have been making efforts to expand trade and economic ties beyond traditional sectors such as agriculture and education, and one way to achieve this goal is by facilitating the use of digital payments in trade deals. The use of UPI-enabled transactions could reduce the time and cost of financial transactions between the two countries, making it easier for businesses to engage in cross-border trade and investments.

Moreover, using the Indian rupee and UPI for trade transactions can also reduce the exposure of small

and medium enterprises (SMEs) to currency risks. SMEs are often hesitant to enter foreign markets due to the complexities and uncertainties of the foreign exchange market, but by using local currencies and digital payment systems, they can mitigate the risks associated with currency fluctuations.

The move to use the Indian rupee and UPI for trade and financial transactions highlights the growing importance of India as a trading partner in the Asia-Pacific region. The Reserve Bank of New Zealand has already signed a memorandum of understanding with the Reserve Bank of India to collaborate on various issues including financial technology, payment and settlement systems, and regulatory issues.

In conclusion, the use of UPI and the Indian rupee for trade and financial transactions between India and New Zealand presents a significant opportunity to enhance bilateral economic ties. The shift towards non-dollar transactions demonstrates the increasing importance of digital payments and the evolving global financial landscape. By reducing transaction costs, easing currency risks, and increasing convenience and security, UPI-enabled transactions will help promote greater trade and investment flows between the two countries.

Jay Changlani

Treasurer,

Jay is a Chartered Accountant and a Director of Orb360, Chartered Accounting firm based in Auckland & Wellington. Jay specializes in International and domestic tax. He provides a wide range of tax technical advice across all tax types. Jay has a wide range of experience and has a broad understanding of tax regimes.

Unlocking India and New Zealand’s trade potential

The India New Zealand Business Council (INZBC) released a discussion document suggesting a new approach to strengthening India-New Zealand trade relations. The document, “India & New Zealand, A Relationship Ready For Its Next Phase,” indicates a shared consensus amongst the business community that a stronger partnership with India is crucial for New Zealand’s economic future.

As India is poised to become the world’s third-largest economy with the world’s largest national population, the report stresses the importance of enhancing trade ties and recognizing India’s growth potential. Despite efforts spanning 15 years, conventional trade agreements, including through the RCEP, have not been fruitful.

The INZBC advocates a fresh perspective, taking cues from Australia’s successful bilateral relationships, where formal trade agreements are an outcome, not a precursor. It also emphasizes the role of New Zealand’s Indian community, which forms 5% of the population, in fortifying these connections.

The council calls for making India a diplomatic priority, maintaining momentum in diplomatic activity, and focusing on dialogue and trust to foster trade and investment. The report aims to mobilize leaders from various sectors, emphasizing the urgency of an integrated approach towards India to avoid being sidelined in the shifting economic and geopolitical landscape.

A key point made by Minister Jaishankar in his recent visit to New Zealand was that a strong relationship with India will require strong business foundations. INZBC believes these strong business foundations must include:

A focus on India’s needs

INZBC stresses the need for understanding India’s economic and social goals to align with New Zealand’s business and diplomatic priorities. Trust-building is critical for New Zealand’s exporters due to India’s relationship-centric business culture. Identifying

mutual interests can foster trade relationships. At the INZBC Summit 2022, India’s High Commissioner, Neeta Bhushan, advocated for closer collaboration between India and New Zealand across various sectors. She also outlined plans to enhance bilateral ties in areas including connectivity, tourism, and education. The INZBC advises recognizing India’s diversity across its 28 states and 8 Union Territories. Several New Zealand firms have successfully penetrated the Indian market, contributing to foreign direct investment, employment, and economic growth. However, businesses alone can’t achieve necessary recognition and trade barrier relaxation.

Adopting a public/private approach to the India challenge

Building strong ties with India requires a coordinated and sustained effort from both the public and private sectors, according to the India New Zealand Business Council (INZBC). Government visibility and its tacit endorsement of businesses play significant roles in achieving success in India. As per ExportNZ, there needs to be an “all-handson-deck” approach involving the business community and government in forming a broad-scope strategy. The Auckland Chamber of Commerce highlights that the lack of sustained effort by New Zealand businesses and Government could limit the potential benefits from India. INZBC suggests that despite potential constraints on public spending, existing diplomatic funding and resources should prioritize the relationship with India. Effective use of these resources requires a joint effort from senior political, business, and public-service leadership.

A New Approach to trade engagement: Collaborating for mutual benefit

The council advocates for a new approach to trade engagement with India, centered around mutual benefit. This requires a collaborative model spanning government, business, cultural, and academic levels. Direct investment in India can enhance New Zealand’s manufacturing and service sector growth. While a Free Trade Agreement (FTA) remains the gold standard for trade relations,

its absence doesn’t preclude progress in trade relations. Developing these relationships necessitates understanding India’s needs, patience, and a long-term view of opportunities. Some New Zealand industries, like kiwifruit, premium lamb, and horticulture, already work alongside Indian counterparts to mutual benefit. With India’s financial technology evolving rapidly, New Zealand should align with India’s Universal Payments Interface (UPI) that’s becoming a global standard. The success of Australia’s tailored FTA with India underscores the importance of careful collaboration across diplomatic, cultural, and commercial fronts.

Establishing the right forums and connections to concentrate and co-ordinate strategic thinking

The council emphasises the need for strategic thinking and connections between India and New Zealand to strengthen trade relations. Existing business groups play a crucial role in building commercial networks. Collaborations with prominent Indian entities will enhance strategic alliances. INZBC proposes the creation of a dedicated India-New Zealand Leadership Forum, modelled on the Australia New Zealand Leadership Forum. This platform would bring together stakeholders from both countries to optimize bilateral trade efforts. It should have a dedicated secretariat, prioritized for resourcing, to drive strategic relationship building. The forum could be built upon the existing Joint Trade Council model proposed by MFAT. Participating in international platforms like the International Solar Alliance can also foster connections. A significant boost to people-to-people relations would be establishing a direct air service between the two nations, requiring the concerted effort of government and business leaders.

INZBC recommendations to the New Zealand Government –

INZBC India report provides a comprehensive plan to improve trade relations between New Zealand and India. The recommendations in the report are both strategic, like the above, and tactical suggesting immediate and near-term actions.

Strategic Recommendations:

*Develop a Long-Term Strategy: INZBC emphasizes the importance of proactive engagement and longterm strategic planning. They suggest a detailed understanding of India’s economic, cultural, and geostrategic influence and potential opportunities for New Zealand.

*Combined Effort: A public-private partnership is recommended for fostering common goals. INZBC suggests establishing an India-New Zealand Leadership Forum, involving major trade stakeholders from both countries.

*Strengthen Relationships: Recognizing the significance of strong bilateral ties, INZBC calls for prioritizing diplomatic investment in India, extending ministerial visits, reallocating resources, and improving ‘Indiacapability’ of institutions and businesses.

Tactical Recommendations:

*Practical Actions: INZBC recommends a target to double two-way trade within five years and focus on ‘easy wins’.

*Tourism and Immigration: Suggested actions include faster processing of tourist visas, longer visa validity periods, and a review of immigration policies to make it easier for Indian nationals to settle in New Zealand.

*Education: Proactive encouragement of Indian students to study in New Zealand is suggested, with initiatives like a targeted fee structure or rebate, faster student visa processes, internships, scholarships, and specialized professional and trade training.

*Primary Industries: Programs to address skilled seasonal labour shortages in horticultural sectors are recommended, as well as addressing phytosanitary issues impacting the forestry sector.

*Finance Sector: Strengthening financial cooperation with India is proposed, including understanding and facilitating the international accessibility of India’s banking systems.

*Awareness: Facilitation of a dedicated India-New Zealand Centre of Excellence (CoE) is suggested, focusing on research that aids in understanding the diverse needs of the Indian environment and commercial, tax, and employment regulatory settings.

*Cultural and Aid Diplomacy: Recommendations also include cultural and aid diplomacy initiatives like inviting the President of India to visit New Zealand and developing a major cultural exhibition highlighting Māori art.

Overall, the INZBC underscores the need for quick, decisive actions with practical and measurable steps for the improvement of trade relations between New Zealand and India. They emphasize understanding India’s perspective, strengthening relationships, and acting strategically. They propose public-private partnerships and improving India-capability as key factors in fostering this relationship. The recommendations show an understanding of the multifaceted nature of international trade relations and provide a roadmap for enhanced engagement between the two countries.

To download a free copy of the report please visit www. inzbc.org

India’ - Neeta Bhushan

You’ve read the recent report that INZBC has released on the Indian New Zealand relationship and the next steps we need to take. What are your initial thoughts? What is your feedback on it?

Thank you, it’s a pleasure to be interviewed for the Kia ora India magazine, highly regarded among the business, political, and various other communities engaged in the India New Zealand relationship.

Regarding the INZBC report, it was impressive. I believe a lot of research and hard work went into it, and I congratulate the team for diligently highlighting all facets of the partnership, providing insight into the relationship’s progress and what more needs to be done. The report successfully captured ongoing trends such as enhanced diplomatic engagement, visits by business delegations, and our strong links in sports, culture, and people to people ties. These form a natural foundation for our enhanced business partnership.

Your report also emphasized that a comprehensive approach, including both government and private sector is necessary for further strengthening our relations. That is a key issue at the moment.

You’ve achieved a lot in eight or nine months. What has been your experience? How was your initial period in New Zealand?

The experience has been fantastic, with lots of learning and a flurry of activities.

First, we had the visit of Dr S Jaishankar, External Affairs Minister in October 2022. This was followed by visit of FM Mahuta to India in February this year. In addition, a large

number of official and business delegations have visited New Zealand and India respectively. Minister O’Connor will lead a business delegation in August. We hope to see very good meetings and interactions during his visit.

In fact, I always say that in the last six months, that is from January to June 2023, we have seen the visit of more than 20 to 25 delegations between our two countries. These include delegations from department of Food safety, agriculture and horticulture, university representatives etc. Recently a delegation from the National Defence College of India was here. Many industry groups such as Pharmaxecil , Federations of Indian Exporters and AMUL have also visited New Zealand.

One of my biggest learnings has been that there is tremendous interest on both sides to take the relationship to the next phase.

Recently, our two Prime Ministers met in Port Moresby and this is testimony to the commitment at the highest levels for very strong relations between out two countries.

At every level, I see a lot of focus on our relations as well as willingness to engage more. I find this very encouraging.

You’re saying there’s a lot of hectic activity that you have seen in the past few months and which is also obviously very encouraging for our relations, but what is the appetite of kiwi companies to work with India? Do you sense that they are really already warming up to India or still there’s a lot of work to do in that space.

High Commissioner of India to New Zealand, H.E. Neeta Bhushan says the initial groundwork is done, and now India and New Zealand need to build on its relationship. She spoke to INZBC about the impact of the INZBC India report and how New Zealand needs its own approach on growing its relationship with India.

Open for business: ‘It is now really easy to do business with

I do see them sort of warming up. There is realization and appreciation of India being the fastest growing large economy together with a large market, huge talent pool and growing middle class. I see our Kiwi friends excited about the opportunities in India.

This is evident during our business events. In our last event on May 31, 2023, participants came from all major cities including Auckland, Christchurch and Dunedin. I was overwhelmed to see the growing interest across sectors. People asked many questions about the best ways to increase trade or do business with India. Many people were amazed to hear about the several successful on- going collaborations in agriculture technology, IT and the meat industries.

There is no doubt that some initial groundwork has been done. Now, we need to build up on this. My main advise to our Kiwi friends is to visit India and see for themselves the potential of enhancing trade and investment in various sectors. I am happy to note that INZBC is taking a business delegation in August this year. I hope that some of them will join this delegation.

What according to you are the challenges that are stopping the Indian New Zealand trade from going to the next level? Apart from challenges, what would be the low hanging fruits you think we can work on within your tenure?’

I do see a lot of opportunities on the trade side. And, of course, I do admit that there are some challenges as well.

One main challenge is of distance between our countries. The lack of direct air connectivity poses a difficulty in early transportation of fresh fruits and other food items which have an expiration date. There are also bio-security and phytosanitary requirements in place in both our countries.

Having said that, I must admit that we are working closely with the New Zealand authorities to work through these challenges.

For example, the import of mangoes from India was suspended for a long time due to some phytosanitary requirements on the side of New Zealand. We proactively worked with the Ministry of Primary Industries to sort out this issue. In India, our cold chains have been upgraded to meet the international requirements. MPI officials visited the facilities in India and approved it.

Subsequently the suspension on mangoes was lifted. Since last month, you can see Indian mangoes in supermarkets here.

There are many synergies between our two countries and I would like to focus on them.

Taking your examples of what worked with mangoes, do you think the right approach is to work on an issue in one particular area and rectify it? Do you think we can do a lot more in that area?

Yes, I think so. We need to work on the low hanging fruits. I am sure we can work on each issue together with government authorities and businesses to find a satisfactory solution.

On a similar note, there has been a lot of distress in the logging sector. Are you working on that as well?

Yes, I am aware of that. Some people approached me and requested me to take up these issues with GOI. I have requested them to give a paper as I am not aware of the technical issues of the case. I have also advised them to join the INZBC delegation to India. This way the Log exporters would be able to get a first hand impression about what needs to be done for promoting exports to India.

According to your study and in your impression, what would be the top five key policies of the government of India, which you think can really attract the key investors to go and start working in India?

There are several policies. The first one is of course “make in India” which attracts many investors. I think the example of Quality NZ must be mentioned. To cater to the Indian market, they have started a meat processing plant in Chandigarh. They are a major supplier of lamb to hotels in India. The plant uses Indian skills and adds value to their product.

The second one I would say is the “Digital India” which supports the FinTech sector. Rekon, a Kiwi company has recently launched their center in Bengaluru. We have seen how Valocity has done so well in India.

A very important point is the changes in FDI policy which has paved the way for investors to access many sectors including defense and aviation, while also simplifying the clearance process.

Start up India and Skill India are also providing many opportunities.

Does the government of India provide any incentives for these investments?

India has consistently improved its rankings in the ease of doing business. It is now really easy to do business with India. Invest India provides a lot of support and hand holding to anybody who wants to invest in India. Many states have a single window clearance process.

And lastly, any message for our readers?

I just want to mention that we need to work together to realize the full potential of our partnership. I also want to mention to all that please stay connected with us through our Facebook, Twitter and other social media channels. Come and join us, speak at our events, participate and that is how we learn and we can take their ideas and suggestions back.

Indian High Commission holds a symposium to promote trade and diplomatic ties

On 31 May 2023, the High Commission of India in Wellington organsied a “Half Day SymposiumForging new relations between India & NZ” at the Chancery premises. The symposium had 4 Sessions: Trade, Tourism, Technology and Diplomacy.

The event witnessed the participation of more than 200 people. Trade and Export Growth Minister of NZ Hon. Damien O’Connor participated in the Diplomacy Session.

Nineteen speakers including the High Commissioner of India H.E. Neeta Bhushan presented their views in the different sessions.

The symposium was organised as a platform to promote trade and diplomatic ties between India and New Zealand. By bringing together key stakeholders, the symposium intended to foster collaboration, explore opportunities, and forge new partnerships.

The event served as a steppingstone towards a stronger and more vibrant bilateral relationship, contributing to the mutual growth and prosperity of both India and New Zealand.

Rakon opens state-of-the-art research and manufacturing facility in India

New Zealand-based high-tech manufacturer Rakon recently inaugurated its new research and manufacturing Centre of Excellence, located in Bengaluru, India.

Shri M Sankaran, Director, U R Rao Satellite Centre (India’s lead Centre for satellite design and development) and Graham Rouse, NZ Trade Commissioner & Consul General - India & South Asia, were present to inaugurate the new facility, which replaces Rakon’s former leased sites in Bengaluru and signals the company’s long-term commitment to growing its India operations.

Rakon is a world leader in the design and manufacture of advanced frequency control and timing products, which enable connectivity for thousands of electronic systems worldwide – from 5G networks and satellites, to autonomous vehicles and emergency beacons. The company has been operating in India for over 15 years, and Rakon CEO, Dr Sinan Altug, says the new facility represents an important milestone for the company and will futureproof Rakon’s India operations. “The Centre of Excellence is one of the world’s largest and most sophisticated manufacturing sites for advanced frequency control and timing solutions, and a symbol of Rakon’s long-term commitment to growing and investing in our operations,” says Dr Altug. “’Make in India’ is at the heart of our India operations, and we value our position as a trusted and strategic supplier to the key agencies and leading companies across India’s telecom, aerospace and defence industries.”

Examples of this include the fast-accelerating rollout of 5G network infrastructure, in which India and its network providers are leading the world, which has further increased the demand for Rakon’s industryleading products among the Tier 1 telecom base station manufacturers. Also, in the Space and NewSpace sector, Rakon is proud to be working alongside the Indian Space Research Organisation (ISRO) to develop new products for their missions and deep space programs – including: ‘Mars Mission’, ‘Chandrayan’, and ‘Gaganayan’.

Rakon has invested NZ$15m in the land, building and equipment for the Centre of Excellence and currently employs around 500 people in India. Over the next five years, the company intends to invest a further NZ$55 million and expects to add 300 people to its Rakon India team.

“Our Indian operations are a key strategic strength for our company and through the capacity and opportunities generated by our Centre of Excellence, we look forward to a close and long-standing relationship as a ‘Make in India’ partner,” Dr Altug says. “As we continue to invest in building and growing this relationship, we are proud to be a flagship example of a New Zealand company that is succeeding in the Indian market, and contributing to India’s role as a global technology and manufacturing leader.”

The new facility is at the forefront of sustainable building practices around the use of water and energy, and expected to attain LEED (Leadership in Energy and Environmental Design) certification. Energy consumption in the facility is monitored closely, and it will use renewable energy for at least 70%, and potentially up to 100%, of total consumption.

Rakon inaugurated its state of the art research and manufacturing Centre of Excellence, located in the SEZ Aerospace Park, Bengaluru.

“L-R: Brent Robinson, Rakon CTO; Lorraine Witten, Rakon Chair; Shri M Sankaran, Director, URSC; Graham Rouse, NZ Trade Commissioner & Consul General; and Sinan Altug, Rakon CEO”

India Strategy: Investing for the future

In today’s environment, organisations must rethink and reshape their strategic ambitions and deploy strategies that act as underlying market differentiators and underscore true sustainable business impact. Organisations that understand how to execute their strategic plan and, at the same time, craft innovative and swift responses to market disruption, are organisations that have cracked the code of change.

Duco Consultancy’s investment into India is very much part of their growth strategy in the Services Sector with a continued commitment to growth and investment well into the future. In the last 18 months, Duco Consultancy has invested $4 Million into two state-of-the-art delivery centers in India: one in Gurugram (8,000 sq. ft and 150 FTE) and another in Hyderabad (5,000 sq. ft and 50 FTE). They are committed to a further annual investment of $2.5 Million for the next four years to build an additional two delivery centers (15,000 sq. ft and 150 FTE). The centers in India supple-

ment their near-shore delivery center in Fiji and onshore delivery centers in New Zealand, Australia and USA. Duco Consultancy firmly believes they cannot afford to make ‘safe bets’ as these will likely leave opportunities and value on the table. Close cooperation with clients and leveraging India as an offshore delivery hub improves execution effectiveness. Furthermore, Duco Consultancy’s India delivery hub gives them the ability to execute their service offerings in the areas of Enterprise Resource Planning, Customer Relationship Management, Program and Change, Architecture and Integration, Artificial Intelligence, Custom Application Development, Creative and Design, Management Consulting and Quality Assurance.

Duco Consultancy has a specific focus in industries like Retail, Distribution, Services, Government and Manufacturing, where they partner with key industry leaders like Oracle, Microsoft, Stibo, AWS, IBM and Atlassian to deliver fit for purpose solutions for their clients across the globe.

rough e g dne of kiwifruit

Collaboration and cooperation key to India and NZ’s future international education success

At the inaugural India New Zealand Business Council Education Roundtable, international education practitioners, business leaders and government stakeholders came together to examine opportunities and challenges for future growth in international education services between India and New Zealand.

Held in partnership with the High Commission of India, Wellington and the University of Auckland, over 50 leaders gathered to identify key strategies that could help inform policymakers on both sides.

The afternoon started with keynote addresses from Bhav Dhillion, Honorary Consul of India in Auckland, followed by Grant McPherson, CEO, Education New Zealand, Martin Hookham-Simms, Director of International Office, University of Auckland and Dr Vidya Yeravdekar, Chair-FICCI HE Committee & Pro Chancellor-Symbiosis International University, Pune.

The keynote speakers discussed India’s New Education Policy and how it impacted the international education landscape for both countries.

They said the new policy, which aims to internationalise India’s education sector, provided a perfect opportunities for foreign providers to partner with Indian educational institutions.

Grant McPherson added that greater collaboration and cooperation, through mutually beneficial partnerships, will be the key to exploring new synergies for future growth in bilateral education services between the two countries.

Martin Hookham-Simms, in his keynote address said New Zealand’s focus on Te Reo Māori principles such as manaakitanga gave it a distinctive advantage while approaching such partnership with India.

Dr Vidya Yeravdekar who joined virtually from India, also emphasised the need to create mutually win-win partnerships for both countries.

She said it was important to not only explore avenues for Indian students to study in NZ, but for New Zealand students to study short term in India, and to combine it with industry visits for added advantage.

She mentioned that mutual recognition of university qualifications will play a big part in carving out a mobility partnership between the two countries in the near future.

This insight was touched upon again in the first panel discussion which talked about the opportunities in university education with India led by Sandeep Sharma, INZBC Christchurch Chapter Head and CEO, Quality NZ Education.

Speakers included Ryan Gamon, International Recruitment Lead, University of Auckland, Graham Wise, Director of International Development., University of Canterbury, Farhana Nalar, Associate Director, Global Engagement, Massey University and Varun Dhamija, CTO, Times Professional Online, Bennett University, India and Prof. (Dr) Rekha Singhal, Dean of the Faculty of Contemplative & Behavioral Sciences, Sri Sri University

This discussion recognised that focusing on India as a key education services market fit well within New Zealand’s need for economic risk diversification post-COVID.

The panellists emphasised the need to provide students with a tangible value for money on their investments, as it would help combat competition from countries like Australia, and Canada.

They said working with bonafide agents and timely processing of student visas was also a crucial to ensuring New Zealand remained an attractive destination for Indian students.

The second panel discussion on PTE, Skills, High School was moderated by Bharat Chawla, Director, RBS Intellect and INZBC Board Member.

Speakers included Dr. Srinivasa Rao Pulijala, CEO, Apollo Medskills, India, Peter Richardson, International Lead, Te Pūkenga – New Zealand Institute of Skills and Technology, Brijesh Sethi, Chairperson – Quality Tertiary Institutes (QTI), Frances Valintine, CEO, AcademyEX, The Mindlab, Steven Hargreaves, Principal, McLeans College and Ranjan Choudhury, TCS iON, Tata Consultancy

Services, India.

This discussion focused on the growing opportunities for upskilling and partnership with polytechnics, vocational training and in secondary education.

There was a broad consensus that even though market in India was hugely competitive and complex, a regional and area specific focus in critical sectors of skill shortage for New Zealand such as healthcare, construction and agricultural workers could yield more meaningful results.

The roundtable closed with a presentation by Sushrutha Metikurke, G2G, Commercial Manager, Educating for the Future on operational landscape & challenges, followed by Vandana Rai, Director, NZ Immigration Advisers who spoke about immigration challenges.

A white paper will be submitted to the New Zealand and Indian government with insights from this roundtable.

Spotlight: The University of Auckland

Cancer collaboration for University of Auckland and Tata Memorial Hospital

Waipapa Taumata Rau - University of Auckland and Tata Memorial Hospital (TMH), Mumbai, the largest and the most renowned cancer care hospital and research centre in India, have signed a Memorandum of Understanding to engage in long-term cooperation in cancer care.

Deputy Vice-Chancellor Research, Professor Frank Bloomfield met with TMH representatives led by TMH director Dr Rajendra Badwe and professor and medical oncologist, Dr Vanita Noronha, to explore ways to enhance cancer care using digital health.

Initial projects envisaged for the partnership include: a digital platform for clinical trials to track study-related activities for patients, investigators and regulators; a digital platform to make outpatient clinics more efficient; and a digital method to enhance prescription medicine safety, such as including connecting systems to ensure potential serious drug interactions are identified and flagged for the treating physician.

Dr Badwe, who heads Tata Memorial Centre, said TMH was thrilled to announce the partnership with the University of Auckland, to join forces to advance cancer care through technology.

“We are committed to improving the lives of our patients with cancer. We hope that this collaboration with the University of Auckland will help us harness the power of technology to improve patients’ lives. By combining our expertise in cancer care with the University of Auckland’s technological expertise, we are confident that we can make a real difference in the lives of patients with cancer and their families”

Professor Bloomfield said the institutions were about to come together in the crucial field of cancer care, noting the similarities between Aotearoa New Zealand and Indian societies.

“The two countries have a long history of cooperation in healthcare and this partnership builds on an already strong relationship; the University of Auckland is strongly committed to finding solutions to some global health issues in partnership with such a leading institution.”

Dr Vanita Noronha, who is also editor-in-chief, Cancer Research Statistics and Treatment, commented on the strength of TMH in advancing cancer care.

“The MOU between TMH and the University of Auckland represents an exciting opportunity for collaboration and knowledge sharing in the fields of healthcare and technology. By joining forces, our institutions can combine our collective unique expertise and resources to advance research through the use of technology, improve patient outcomes, and ultimately make a meaningful impact in the fight against cancer.

“This partnership has the potential to yield significant benefits for both patients and healthcare professionals,” she said.

The University of Auckland was visiting Mumbai as part of a longer visit to India which included hosting the three-day QS India summit focussed on ‘India’s Global Vision: Building universities for a Knowledge Economy’.

Vice-Chancellor Professor Dawn Freshwater, who led the delegation, said it was a highly rewarding summit, imagining the future of India’s knowledge economy and the building blocks towards that future.

Vice-Chancellor Professor Dawn Freshwater (University of Auckland) met with India’s Minister of State and Parliamentary Affairs Shri Arjun Ram Meghhwal and Minister of State for Education Dr Subhas Sarkar at the QS Summit in Goa March 2023

Dr Rajendra Achyut Badwe (Director of the Tata Memorial), Professor Partha Roop (Associate Dean International Engineering – University of Auckland) sign an MoU between University of Auckland and TATA Memorial Hospital March 2023

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Delegation visit strengthens education relationship with India

In April, the New Zealand India Education Week saw an ENZ-led delegation from all eight universities pave a unified approach to student mobility and internationalisation initiatives between the two countries.

The New Zealand India Education Week – held from 17-22 April – included senior level participation from New Zealand universities and was designed to further strengthen the strategic education partnership with India.

Education New Zealand Manapou ki te Ao (ENZ) Chief Executive, Grant McPherson, led the delegation across New Delhi, Mumbai, and Chennai.

Demonstrating New Zealand’s overall commitment to India, New Zealand announced an investment of $400,000 towards internationalisation and student mobility initiatives, including the relaunch of the New Zealand Excellence Awards (NZEA).

The NZEA are unique scholarships designed exclusively for Indian students that are jointly funded by ENZ and all New Zealand universities. Since their launch in 2016, the scholarships have enabled more than 200 Indian students to study at one of New Zealand’s universities.

Another key focus for the week was to re-engage with the

New Zealand Centre at Indian Institute of Technology (IIT) Delhi and discuss the future trajectory of the partnership.

Erik Lithander, Deputy Vice Chancellor Strategic Engagement at the University of Auckland, signed an MoU with IIT Delhi on behalf of all New Zealand universities to continue the relationship and further develop the New Zealand Study Centre.

The New Zealand Study Centre was inaugurated at IIT Delhi in February 2020 by Deputy PM Winston Peters, demonstrating the importance of education as a key part of the India-New Zealand relationship.

The week was bookended by two education agent fairs in New Delhi and Mumbai respectively, both of which exceeded expected student attendance numbers.

Speaking at a media briefing held at the New Zealand High Commission in New Delhi during the New Zealand India Education Week, ENZ CE Grant McPherson underlined the importance of New Zealand’s education partnership with India.

“India is one of New Zealand’s priority partner countries for collaborations, exchanges, and student mobility. We are excited that the announcements around the New Zealand Centre strengthening and the extensive package of scholarships under the New Zealand Excellence Awards scheme will further engagement with India,” Grant said.

ENZ Regional Director – Asia, Ben Burrowes, said with the sector’s focus on recovery and reconnections, the New Zealand India Education Week provided a great opportunity to refresh relationships with education sector stakeholders in India.

“India has always been a strong partner to New Zealand in the education space, and students from India consistently make up the second largest portion of international students studying in New Zealand.

Dr James Gomes, Indian Institute of Technology (IIT) Delhi Dean International and Dr Erik Lithander, University of Auckland Deputy ViceChancellor Strategic Engagement sign a Memorandum of Understanding between New Zealand’s eight Universities and IIT Delhi.

New Zealand High Commissioner to India His Excellency Mr David Pine speaking at a meeting with the Indian Institute of Technology Delhi.

New Zealand G2G and India - towards a sustainable partnership in education

This report outlines NZ G2G recommendations for building a sustainable partnership in education between New Zealand G2G and India. By fostering collaborations and sharing knowledge, expertise, and resources, both countries can leverage their respective strengths to enhanceeducational outcomes. These recommendations emphasise the importance of supporting India’s education reform programmes, fostering teacher education and professional development, leveraging multilateral agencies, promoting diversity and inclusion, and prioritising knowledge exchange.

1. Strengthen Collaboration and Partnerships: Prioritise the establishment and enhancement of partnerships and collaborations with India in the field of education. This can be achieved by engaging with both central and state governments in India. These partnerships should focus on addressing shared challenges, exchanging knowledge and expertise, and promoting mutual learning.

2. Support Education Reform Programmes: New Zealand G2G can actively support India’s ongoing education reform programmes, particularly under the National Education Policy 2020. Our government can offer its expertise in areas such as innovative pedagogies, inclusive education, integration of technology, and early childhood education. By assisting in the development of a National Curriculum and Pedagogical Framework, New Zealand G2G can help India align its educational standards with global benchmarks.

3. Foster Teacher Education and Professional Development: New Zealand G2G’s experience in

teacher education and professional development can be shared with India. We can work with Indian counterparts, such as the National Council for Education, Research, and Training (NCERT), to develop systems and programmes that improve the quality and effectiveness of teacher education. This collaboration should focus on incorporating culturally responsive pedagogy, technology integration, and inclusive teaching practices.

4. Support Skills Development Initiatives: New Zealand G2G can actively engage with Indian state governments, especially those involved in establishing Skill Universities such as Maharashtra and Assam, to address the shortfall of adequately skilled youth and drive economic growth.

5. Leverage Multilateral Agencies: Explore opportunities for collaboration with multilateral agencies, e.g. the World Bank and ADB in areas such as teacher education, communities of learning, decolonisation of education, and digital pedagogies.

6. Diversity and Inclusion: We can work closely with our Indian counterparts to ensure that educational systems and programmes in both countries promote diversity, inclusion, and cultural responsiveness as well as cater to the needs and aspirations of diverse learner populations.

7. Monitor and Evaluate Partnerships: Establish mechanisms to monitor and evaluate the effectiveness of partnerships and collaborations with India in the education sector. This will help identify areas of success and areas that require improvement, allowing for continuous learning and refinement of strategies.

Sushrutha Metikurke

Commercial Manager, Educating for the Future G2G, NZTE

Sushrutha Metikurke joined New Zealand G2G as Commercial Manager in August 2020 and is responsible for the Education sector. Sushrutha works with New Zealand government agencies and education providers to identify best practices and provide tailored solutions to the training needs and capability building of overseas government customers.

India: unleashing the digital revolution for unprecedented growth

In today’s interconnected world, the transformative power of digital technology is undeniable. Embracing this wave of innovation can revolutionise economies, streamline processes, and improve the overall quality of life. However, desire alone is not enough to drive digital progress; it requires a harmonious blend of technology, data, and people. Recently, during my whirlwind trip across three Indian cities, I witnessed firsthand how India embodies this winning formula, further propelling its position as the world’s fastestgrowing economy. With key statistics to back this claim, India’s remarkable ascent is on an unstoppable trajectory.

Size, undoubtedly, adds complexity to any endeavor. Often, this means any change becomes arduous and time-consuming. However, India’s digital transformation has defied this expectation. The country’s digital population, along with the government and corporate sector’s enthusiastic embrace of new ways of working and living, has propelled India’s growth to new heights. Moreover, the rapid expansion of the talent pool, particularly in the form of managed services, has further accelerated this upward trend.

Within the Fintech industry, India’s financial institutions are taking decisive steps to simplify operations, adopt cloud technology, and streamline loan processing. These measures aim to cultivate growth, scale, and efficiency, aligning with India’s overall trajectory. With ambitious initiatives like “Housing for All” supporting home ownership, ongoing urbanisation gaining momentum, the population’s ability to access affordable homes is steadily improving. This confluence of macro-economic factors has created an unprecedented opportunity for technology and data companies like Valocity.

Valocity, a global Property Valuation Platform, has harnessed the potential of digitisation by streamlining the valuation ordering process and establishing digital connections between valuers and banks nationwide across India. This digital transformation has yielded remarkable benefits, including increased efficiency, transparency, and digital workflow innovation, precisely when it matters most in India. The sheer number of planned new housing projects across 100 new Smart Cities in development in the country positions India as the most exciting place to be for Valocity and any other technology enterprises aiming to make a lasting impact.

While there is still much work to be done, India’s digital progress has gained remarkable pace, accompanied by an overwhelmingly positive sentiment and a genuine desire for change. These factors, combined with the country’s unwavering determination, make success all

Carmen Vicelich

but inevitable. The time for India to shine has arrived, and it is poised to redefine the future on a global scale.

Key statistics validate India’s position as the world’s fastest-growing economy. In recent years, the country has experienced a consistent rise in GDP growth rate, outpacing major global economies. India’s GDP growth rate reached an impressive 7.2% in FY23, further solidifying its status as a thriving economic powerhouse. Additionally, India’s digital revolution has contributed significantly to the economy, with the digital sector accounting for approximately 9% of the nation’s GDP.

Furthermore, India’s digital population has witnessed a staggering surge in recent years. With over 759 million internet users, India now boasts the secondlargest online user base globally, surpassed only by China. This massive digital audience presents immense opportunities for businesses and entrepreneurs looking to tap into this rapidly growing market.

The Indian government has been instrumental in fostering a conducive environment for digital transformation. Initiatives like “Digital India” and “Make in India” have laid the foundation for a digital-first economy.

In addition to the government’s initiatives, Indian corporations have recognised the need for digital innovation to stay ahead of the curve. With the rising demand for technology-enabled solutions, Indian companies have embraced digital transformation to drive operational efficiency, improve customer experiences, and unlock new revenue streams. This proactive approach has placed India at the forefront of global digital adoption and progress.

However, the true catalyst behind India’s digital revolution lies in its people. The population’s hunger for growth, willingness to embrace change, and adaptability to new technologies have become invaluable assets. This human factor, coupled with India’s rich talent pool, has propelled the nation’s digital transformation, and ignited a virtuous cycle of innovation, collaboration, and success.

In conclusion, India should be at the top of the list of any business delivering innovation and efficiencies of scale. India’s digital revolution is ushering in a new era of prosperity. The nation’s determination to embrace technology, harness data, and foster a vibrant ecosystem of talented individuals, has laid the foundation for ongoing sustainable growth. With key statistics supporting India’s position as the world’s fastest-growing economy, the time has come for India to shine brightly on the global stage, and for any ambitious New Zealand business, there is no better place to be.

Founder & Global CEO, Valocity Global

Carmen Vicelich is an entrepreneurial powerhouse with over 20 years’ experience developing innovative solutions using technology and data to deliver value. In record time she has founded three, global industry-leading businesses: Valocity, Data Insight and Generate Zero.

Jeena Global strives to transform logistics and Supply chain in Oceania

Jeena Global Pty Ltd Strives to Transform Logistics and Supply Chain in Oceania

Jeena Global Pty Ltd is a group company of one of the leading logistics and supply chain players based out of India, Jeena & Company. With its base in Parramatta, Australia, the company offers transformative logistics and supply chain solutions to the Oceania tradelane.

The parent company with a strong presence of more than 123 years, offers end-to-end logistics and supply chain solutions to more than 320 places in India and 80 partner locations across the globe. Through specialized subsidiaries, they offer a customerfocused approach that serves a wide range of industries. With a goal to strengthen their position and expand in the international market, they ventured into opening their first international office in Australia. Their services have so far received a favourable response from the global market, and they have been successful in retaining some major clients and onboarding new ones. They have proved themselves successful in demonstrating to their foreign clients the enormous reach and incredible potential that India possesses as a source of transformative logistics solutions. They have a competitive advantage when working with multinational clients that have a wide range of partners to choose from because they are logistics architects with more than 123 years of domain expertise and experience.

Coming to their service portfolio, it’s enriched with comprehensive range of services spanning the entire umbrella of logistics and supply chain. They handle air freight forwarding, sea freight forwarding, project logistics, door to door logistics, time and temperaturesensitive logistics, multimodal/intermodal logistics, contract logistics, transporation, and value-added services. Catering to a wide gamut of industries, Jeena Global Pty Ltd has special expertise in handling pharma shipments, food and beverage shipments, and textile shipments that are widely moved between the Oceania tradelane and India.

Mr. Nari Katgara who is the Director of Jeena Global Pty Ltd is the 5th generation leader of the founding family of Jeena & Company. He religiously emphasizes innovation and cutomer-focused approach as the

keys to success. When asked how he is managing the customer-focused approach in international markets, he says, “You must be creative and trustworthy, provide the consumer personalization, and be adaptable if you want to take a customer-focused strategy. In today’s day and age, customer experience is really important. Businesses must go above and beyond what customers expect in order to earn their business and time. To deliver such a high-quality service, one should be knowledgeable about the client’s trade routes, have up-to-date market rates and communicate them to the customer in advance, and comprehend the client’s operation and minute particulars like the containers and commodities they use. In other words, being proactive goes a long way.”

Mr. Katgara has a meticulous way of putting forth the innovations he is bringing to the business. He adds, “I have innovation at the forefront of my mind and it needs an organization-wide effort. Any new idea must be thoroughly researched and understood by the market before implementation. A set of effective tactics is needed to organize, coordinate, and stimulate innovation. It is clear from closely examining the global market and customer demands that consumers value and expect innovation in terms of tailored services and technology. The customized SOPs we develop for certain clients have gotten very excellent feedback. In the industry, logistics operations are highly standardised, and the SOPs we offer give the customer a customized aspect.” He further threw light on a very crucial aspect of Jeena’s business, “I can say with great pride that the software on which our forwarding operations primarily rely was created in-house and meets or exceeds international standards. I wanted to make sure that this software is reliable and adaptable enough to fulfill our business needs both domestically and intrenationally. My team and I customized the software to ensure smooth business operations since my team in India manages the backend operations for Oceania’s businesses.”

As an international freight forwarder, Jeena intends to leave a mark everywhere. They plan to grow their operations and open branches across the globe because there are countless opportunities in the global market. In particular, Oceania has a lot of untapped potential and unexplored territory to offer. Since Jeena Global Pty Ltd is still in a nascent stage, they intend to first expand within Australia and New Zealand before exploring future international expansions.

MFAT India Economic update

April 2023

India’s economy – the fifth largest in the world –continues to perform strongly against global economic pressure, particularly relative to its peers with large economies. The Indian Government presented a Budget in February that builds on its second term economic policy agenda: large capital expenditure, especially on transport-related infrastructure, and maintaining macroeconomic stability though fiscal restraint.

Ecomomic Survey

The Indian Ministry of Finance’s Economic Survey, released as a precursor to the Union Budget, provided an optimistic growth outlook, and emphasised the need for a continued focus on capital expenditure and fiscal consolidation. The Economic Survey’s baseline projection for real GDP growth was 6.5 percent y-o-y for the fiscal year 2024, slightly higher than ANZ’s forecast of 6 percent. The government’s growth optimism in FY24 rests heavily on expectations of a recovery in private capital expenditure, driven by improved balance sheets, restored credit availability, and the government’s own high levels of public capital expenditure. A combination of proactive measures by the government and the central bank have led to inflation moderating below 6 percent with the gap between India’s Consumer Price Index and Wholesale Price Index narrowing. The Survey noted the effects of global economic pressures on India’s economy, but credited India’s strong external balance sheet and macro stability as helping to manage these pressures. It highlighted the need to watch external risks including slackening global growth, pressure on India’s current account deficit from elevated global commodity prices and strong domestic demand in India.

Union Budget 2023-24

Finance Minister Nirmala Sitharaman presented the Union Budget for FY24 (year ending March 2024), on 1 February, the last full budget ahead of the 2024 general elections. The Budget was widely viewed as maintaining the government’s longer term economic strategy, lifting capital expenditure and maintaining gradual fiscal consolidation, and reflecting its confidence in the direction of India’s economic development, and grip on political power ahead of elections next year. Expenditure on infrastructure, agriculture, manufacturing and tax

rationalisation are consistent with the government’s direction in recent years. The big push on public capital expenditure was higher than expected, and perhaps compensates for lower levels of private capital expenditure.

Fiscal Consolidation

The government set a tighter fiscal deficit target of 5.9 percent of GDP for FY24, having met its FY23 fiscal deficit target of 6.4 percent of GDP. While higher tax revenues and solid nominal GDP growth offset the government’s spending and helped it achieve its FY23 target, its optimistic nominal GDP growth forecast for the next financial year and associated variations in tax revenue could make it harder to achieve this target. A shortfall in its targeted capital expenditure could yield some fiscal savings however.

Higher Capital Expenditure

The government significantly raised its capital expenditure outlay to USD121 billion (3.3% of GDP) from an already elevated USD88 billion (2.7% of GDP) in FY23; a nearly 37.5 percent increase. Budget allocations included an extension of USD15 billion of interest-free loans to states’ capital expenditure projects including road projects, ports and airports. Although public capital expenditure spending typically has a high multiplier effect stimulating private spending and growth, it remains to be seen whether the government can achieve such high levels of infrastructure spending ambition.

Lower revenue expenditure and reduced subsidies

The Budget signalled the government’s intention to significantly decrease its revenue expenditure in FY24 – anticipated to fall by 1.1% of GDP from what it spent in FY23 – presumably under the assumption that the pressures that drove up spending on subsidies in 2023 (1.9% of GDP compared to a budgeted 1.2% of GDP) will be lower in FY24. The revenue expenditure decrease follows significant cuts in food and fertilizer subsidies, lower allocations to the flagship rural social security programme, and a freeze on the amount allocated to farmer insurance.

Lower personal income tax

While reducing subsidies, the Budget announced a spate of tax concessions under a vexed ‘new tax regime’ with an expected cost of 0.12% of GDP. The move is expected to boost consumption putting money into the hands of people at a time when inflation has been eating into disposable incomes. The steady formalisation of India’s economy will also mitigate the dent to India’s direct tax take.

Indirect taxes have also been tweaked to support domestic manufacturing, including lower customs duties on components for mobile phones and TVs, and changes in the duty structures for electrical, chemicals, metals, compounded rubber and cigarettes.

Agriculture

The government announced a number of measures to help India’s agriculture sector. Measures included investing in digital infrastructure for farmers, setting up the Agriculture Accelerator Fund, increased focus on horticulture value chains, significant promotional support to India’s millets (grain) sector, new storage facilities for farmers at the cooperative level, and targeting overall credit disbursement of USD242 billion. The Finance Minister talked of developing alternatives to chemical fertilisers and supporting natural and organic farming.

Green growth

Green growth featured prominently among the key priorities listed in the Budget. A capital outlay of USD4 billion was announced for the energy transitions under the Ministry of Petroleum and Natural Gas. The budget did not specify how this outlay will be utilised. The Budget does contain a new line item related to capital support for Oil Marketing Companies with an outlay of USD3.6 billion, but the purpose of this expenditure remains unclear. The biggest push on green energy is the promised outlay of USD2.4 billion for the recently launched Green Hydrogen Mission, reflecting the government’s wider policy priority in this area, including to facilitate transfer of emerging technologies and mobilise international finance under the Paris Agreement Article 6.2 mechanism.

Market reaction

India’s stock markets’ initial reaction was positive, in part comforted that no major changes had been made to India’s capital gains tax. Bond yields closed at a six-week low at 7.2 percent reflecting confidence in the government’s fiscal glide path, and absence of negative surprises about its borrowing targets. India’s stock market indices Sensex and Nifty settled with gains of only 0.3 percent and in the red respectively, however, were likely more in response to the radical collapse of Adani stocks.

A comprehensive

partnership with India: what New Zealand can learn from Australia

New Zealand’s Prime Minister Chris Hipkins has said he will be taking up an offer from his Indian counterpart to visit the country and potentially talk about a free trade agreement. He made the announcement this week after meeting the Indian prime minister Shri Narendra Modi in Papua New Guinea, along with leaders from the Indo-Pacific and US Secretary of State.

India is now the sixth largest economy globally and poised to become the third largest by 2030 if it continues on the current trajectory. According to International Monetary Fund (IMF)projections, India will contribute to 15.4 per cent of global economic growth this year, second only to that of China.

This statistic points to the hard fact that Asia will be the global engine of economic growth by the end of 2023, and half of that will be contributed by these two economies. From New Zealand’s perspective, trade, and economic relationship with both these economies should be a priority.

However, a look at our recent bilateral economic relations statistics confirms that this is not the case for New Zealand’s relationship with India. As of December 2022, New Zealand’s bilateral trade with India was a little more than 1 per cent of its total. Bilateral exports from New Zealand to India of goods and services declined by NZ $1 billion over 2017-2022, with India ranking 15th among New Zealand’s trading partners. On the investment front, New Zealand’s share in India’s Foreign Direct Investment (FDI) over the same period is just 0.01 per cent of the total.

Such statistics, in the face of the IMF projections, clearly demonstrate New Zealand needs to prioritise its economic relationship with India, with a clear strategy, and a view to making it one of our top five trading partners within a decade.

How can this be realistically achieved? For one, we need to understand that the notion of FTA that we perceive here in New Zealand is very different in the Indian context. FTAs are viewed in India mostly as an instrument to extract tariff concessions and provide market access for goods trade.

Valuable lessons can be learnt here from Australia. The word FTA does not feature in their agreement, rather

it is an “Economic Cooperation and Trade Agreement (ECTA)” that lays down the foundation for its ongoing negotiations towards a Comprehensive Economic Cooperation Agreement (CECA).

Why this nomenclature matters from India’s perspective is that the agreement is no longer a trade deal about exchanging tariff concessions, but one that is broadbased and focussed on mutual economic gains. The words “comprehensive” and “economic cooperation” sends strong signals about an intent towards a longterm commitment to the bilateral economic relationship around investment, technology and skills.

As recognised by a recent report by India-New Zealand Business Council (INZBC), it is an approach towards developing and securing a comprehensive economic partnership across a number of sectors (that includes agri-business, fintech, edtech, healthcare, tourism among others) that will take this economic relationship to the next stage. We need to abandon the word FTA in our trade discussions with India and replace it with a CEP, involving an understanding and demonstrating concrete policy actions towards what India can do for New Zealand, and vice versa over the long term.

There are three key reasons for advocating this different approach in negotiating with India. First, New Zealand needs vital skills and technology for sustaining our long-term growth, and India’s demographic dividend and growing capabilities in digital technologies offer this opportunity to tap on. A win-win situation can result if our CEP approach involves a mobility, technology and skills partnership agreement involving mutual recognition of qualification and training and development across key service sectors, alongside an early harvest trade agreement that allows tariff concessions in key goods that are traded with India. While doing so, we will also need to be mindful that Australia had a clear India Economic strategy 2035 envisioned well before the ECTA was negotiated. New Zealand does not yet have a strategy or a vision on how it views its economic relationship with India by 2030.

Second, New Zealand needs to recognise from its post-covid experience of supply chain disruptions and production delays that economic risk diversification is crucial for its long-term sustained economic future, taking a cue from the Australian approach.

Dr. Rahul Sen Senior Lecturer, School of Economics, AUT

Rahul was previously a Research Fellow with the Institute of Southeast Asian Studies (ISEAS) in Singapore from 20032007, prior to joining AUT in 2008. The overarching theme of his research has been in the field of international economics focusing on trade policy and economic integration in the AsiaPacific region.

economic

Third, the investment opportunities for New Zealand businesses in India can be much better tapped through a CEP approach. As an example, India has now internationalised its education sector and Australian universities such as Deakin and Wollongong are already opening foreign campuses in the state of Gujarat to offer their programmes.

Industry update: Zespri

The choice for New Zealand policymakers is clear. We need a fresh CEP approach with India that provides mutual economic gains, with a view towards forging a long-term development partnership. A trade deal will naturally result from there.

Zespri exploring a proposal to assist the local Indian kiwifruit industry

Zespri is proud to take New Zealand’s kiwifruit to the world, connecting our growers with consumers who are focused on their health and wellbeing and on supporting brands they know make a positive contribution to communities and the environment.

Our focus, wherever we are in the world, is on being a positive member of the community, and that’s certainly the case in India which we’ve identified as a strategic market for our future growth.

It’s one of the fastest-growing economies in the world, with a large and rapidly expanding consumer market.

We’ve been operating in India for over 10 years and demand for our fruit is strong and increasing, with kiwifruit now the fastest-growing major imported fruit category. It’s a really exciting opportunity for our growers and also our partners and consumers in India.

We’re looking to build on this by developing strong and equitable partnerships with supply chain partners and working with local retailers to help drive sales and ensure our business grow together.

India has a unique retail environment with over 85 percent of food and grocery trade being done by small vendors in the general trade channel and we have a strong focus on supporting them.

Today over 1,200 small fruit vendors are Zespri partners, contributing to more than 14 percent of Zespri’s business in India. We plan to grow that community to over 3,000 people in the next five years and to increase our investment in India over the next 10 years.

The programme has been a game changer as it has helped to uplift both small fruit vendors’ earnings and Zespri grower returns – it’s a great example of New Zealand and Indian businesses partnering to deliver value to both sides.

We also want to do what we can to create opportunities for other New Zealand and Indian businesses and to help strengthen the relationship between our two countries.

In support of that we were really proud to work with the India New Zealand Business Council to launch the report, India & New Zealand, A Relationship Ready For Its Next Phase.

The report outlines a comprehensive roadmap for strengthening the relationship between our countries and we’re really encouraged by the positive response from both governments.

The opportunities for both sides in working together are immense and we’re looking forward to supporting efforts to do so, including creating opportunities and removing barriers.

For Zespri, our efforts to grow the market are hindered by a 33% tariff. So with the support of the New Zealand and Indian governments and alongside Plant & Food Research, we’re exploring a proposal to assist the local Indian kiwifruit industry in North Eastern India to improve orchard and supply chain performance, to strengthen returns and support their communities.

In exchange, Zespri is seeking tariff relief which would enable Zespri to intensify our market development efforts in India building awareness of and demand for kiwifruit which would in turn also benefit Indian growers who are counter seasonal to New Zealand.

We believe this would be a really positive partnership which would create a model for other industries to follow, creating opportunities and value in both countries.

Zespri is committed to working in and with India and we look forward to building this partnership in the future and delivering more kiwifruit to our local Indian consumers.

Michael Fox

Head of Global Public Affairs, Zespri

Michael leads Zespri’s external communications, stakeholder engagement, policy, global tours and events and community investment programmes.

On 10 February 2023, the Indian High Commission along with the India New Zealand Business Council held a buyer-seller-meet with a 22-company delegation of pharma companies from India.

Organised by the Pharmaceutical Export Promotion Council of India, the purpose of the event was to ensure the continuity of interactions of Indian exporters with stakeholders of the pharma industry in the Oceania region.

The delegation aimed to propagate the quality of the Indian Pharmaceuticals industry and to impress upon the Government Authorities & Importers about the development of the Indian Drugs, Pharma, Herbal / Ayurvedic & Indian system of Traditional medicines and promote exports of Pharmaceuticals by holding technical Seminar & BSMs.

This initiative was supported by the Indian Ministry of Commerce, government of India in close coordination with Indian missions abroad.

INZBC facilitates a 22-company buyerseller-meet with the Indian pharma sector

Engage in cross-border education collaborations and integrate international education

International education is having a transformative impact on New Zealand’s economy and society. With a constant demand for skilled workers, staying informed about developments in this dynamic field is essential. The influx of international students contributes billions of dollars annually, enhancing our workforce skills and diversity, exposing us to new cultures and ideas, and opening up opportunities for our citizens.

Recognising the significance of international education for New Zealand, it is crucial to acknowledge the commendable initiatives undertaken by key stakeholders such as ENZ (Education New Zealand) and INZBC (India New Zealand Business Council) in this industry.

In April, ENZ took the lead in promoting student mobility initiatives between New Zealand and India when its Chief Executive Grant McPherson led a delegation from all eight universities across New Delhi, Mumbai, and Chennai to pave the way for a unified approach to student mobility initiatives between the two countries. New Zealand’s investment of $400,000 towards internationalisation and student mobility initiatives, including the relaunch of the New Zealand Excellence Awards (NZEA), demonstrates the country’s overall commitment to India.

Soon after that, in May, INZBC also took concrete steps towards promoting international education business between the two countries by organising a roundtable discussion with stakeholders from both countries. The event focused on the practicalities of the international education business, aligning with NZ and India’s international education strategy.

The initiatives undertaken by ENZ and INZBC reflect the increasing significance of education in international exchanges. New Zealand’s dedication to broadening its economic opportunities and strengthening its ties with India is evident through these efforts. For those who wish to take advantage of these opportunities, it is recommended to engage in cross-border education collaborations and consider integrating international education into their future plans.

Immigration Advisers New Zealand Ltd can assist in creating comprehensive strategies tailored to your unique needs.To explore how international education can aid in achieving goals and aspirations, reach out to us on contact@nzimmigration.info

Vandana Rai is a licensed immigration adviser providing exceptional immigration services. She leads a team of over 40 knowledgeable and experienced multilingual professionals who create tailored solutions to meet each client’s unique needs with integrity and respect.

Vandana Rai

Director, Immigration Advisors Authority

INZBC Christchurch event discusses India’s economic potential and trade

During her visit to Christchurch, High Commissioner of India to New Zealand, Neeta Bhushan, participated in an event by the India New Zealand Business Council (INZBC) discussing the opportunities for Kiwi businesses in India.

Bhushan emphasized India’s rapid economic growth, resilience during the pandemic, manufacturing capabilities, infrastructure development, and fast-growing digital economy. She stressed India’s future potential as a top global economy and the shifting of businesses to India during Covid times due to its ease of doing business. Bhushan urged NZ businesses to explore the rapidly

growing Indian market, particularly the demand for high-quality organic products.

Also participating in the discussion moderated by Chair of INZBC Christchurch chapter, Sandeep Sharma, were Damian Lodge, Deputy Vice-Chancellor of Lincoln University and Quality NZ CEO Geoff Allot, who encouraged NZ businesses to invest in India, mentioning India’s encouraging policies. The event was a part of INZBC’s ongoing series to educate NZ businesses about investment opportunities in India.

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