Andrew Charlton (Parramatta, Australian Labor Party) Share this | Link to this | Hansard source

As the chair of the Parliamentary Friends of India, I want to acknowledge the election today in India, where votes are still being counted. With 969 million registered voters, India has the largest electorate in the world. It's elections are a global showcase of democracy. This election being counted right now is tighter than many expected, which I think is a testament to the strength of Indian democracy. Australia's relationship with India has never been stronger. Last year, Prime Minister Modi visited Australia, becoming the first Indian Prime Minister to visit Australia twice during their premiership. Last year, Prime Minister Albanese visited India twice, becoming the first Australian Prime Minister to visit India twice in one year. No fewer than 13 Australian ministers have travelled to India in the last 12 months, already a record.

This unprecedented level of activity between Australia and India is not an accident. It reflects the fact that India's role in the world and its importance to Australia is changing, perhaps more than any other country. Consider just these three facts. This year, India became the largest nation in the world by population. The last time that title changed hands was at the fall of the Roman Empire. India's population is so young and its growth so rapid that, by 2050, it will be larger than China and the United States combined. India also has the world's fastest economic growth, faster than any major economy. It recently overtook the UK and Germany and it will soon overtake Japan to become the world's third-largest economy. India has the second-largest armed forces and the fastest growing military capability in the world. That's why, for all the twists and turns in India's history, that nation is about to come to an extraordinary point of promise, a point where it is undoubtedly a global superpower and, as a partner with Australia, a force for good in the world that contributes to the peace and prosperity of our region.

Over the last 10 years India has recorded some extraordinary achievements. In its economy it has transitioned from being one of the so-called fragile five to now being the world's fifth-largest economy and its fastest growing nation from an economic perspective. Its enormous reforms in payment systems and demonetisation have led to a surge in internet usage, with UPI transactions skyrocketing. India now has one of the most inclusive and sophisticated payment and financial systems in the world. By expanding electronic transaction accounts amongst the poor, millions of Indian families now have access to banking, and saving deposit accounts have increased by more than 200 per cent. These programs and rural development programs have seen poverty reduced by tens of millions. People are moving into the middle class and participating in India's thriving democracy and economy. India's tax reform agenda has catapulted it into a nation that now has a strong fiscal base. The introduction of a GST in 2017 and a reduction in cash transactions have laid the foundation for a modern economy and built India's fiscal firepower.

It's grown a local manufacturing base, making India a manufacturing hub, through initiatives like Vocal for Local and the Production Linked Incentive Scheme. India's total financial capitalisation of its primary bourse has grown massively, with a SENSEX rising from 24,000 to over 75,000 in the last 10 years. And its infrastructure development has been nothing less than extraordinary, with national highways seeing 60 per cent growth over the past decade; 31,000 kilometres of new rail networks added; new trade networks operational; and preparations for bullet trains underway.

India is an extraordinary partner for Australia. As I wrote in my book, India will shape Australia's future over the next century more than any other nation. And there is no more important relationship for Australia than India over that time horizon. We look forward to the conclusion of the Indian elections and to working with the new government to continue to build our relations.