After China, it is India that Australian businesses are looking to head to cash in on the immense opportunities which its phenomenal growth is expected to present over the next few decades.
Assuming the Indian government continues to set growth-supporting policy, there is ongoing reform and no major adverse shocks, India's economy could rival the size of the largest European countries by 2020 and outstrip Japan by 2032, according to an Australian government report released by Trade Minister Warren Truss.
This would make it the world's third largest economy after the US and China.
The report -- 'India's Services Sector: Unlocking Opportunity' highlights the possibilities for Australian business in India's services-led economic growth.
According to investment bank Goldman SachsJBWere in the report, by 2050 the Indian and Chinese economies will respectively be around 80 and 125 per cent of the size of the US economy.
"India's economy is currently in a phase of significant growth, largely induced by the expansion of the IT and other leading-edge services sectors," the report said, adding, "Australian service providers are well positioned to capitalise on emerging market opportunities in India."
Education services and professional services already are major exports for Australia and can only be expected to increase, the report said.