Part of this potential lies in the fact that to sustain its economic growth, India needs the sorts of commodities and advanced goods and services that Australia provides efficiently. If India is to reach its full economic potential, it will need to acquire world class technologies in areas like telecommunications, electric power generation, infrastructure development and environmental management. India will also need to strengthen its capacities in services like insurance, banking, education and the full range of professional services. Australia is a leading edge competitor in all of these areas. Already Australia supplies much of India's coking coal needs for its steel industry.
Australian wool is found in Indian textiles.
Australian engineers are helping in highway and port developments. Australian universities and colleges are helping to educate and train Indians. Australia has one of the largest foreign banking presences in India, and Australian environmental, computer, telecommunications and medical technology is now widely used in India. Some of Australia's largest companies are increasingly involved in India. ANZ, BHP, RTZ-CRA, Telstra and News Corporation are all operating successfully in India, while a host of small to medium sized Australian companies are now beginning to make their way in Indian markets.