INDIA report

摘要

Recent reports seem to suggest that the effects of the global economic downturn will not be felt as keenly in Asia as in other regions. Of the Asian economies, India will be one of the least affected. Peter Linford, a senior trade commissioner for Austrade, asserts that this is predominately because the Indian economy is not heavily dependant on exports. Coal is the most significant source of energy in India: in January 2005 its coal reserves were estimated at 90 billion t, equivalent to approximately 10 percent of the world's total coal reserves. These reserves are located in the states of Bihar, West Bengal and Madhya Pradesh. Behind China and the US, India is both the third largest consumer and producer of coal. However, domestic coking coal reserves are low, so the country's steel industry also imports coal, predominately from Australia and New Zealand. According to Linford, the Indian economy was forecast to have grown by 7.6 percent over 2008. Modernisation of the country's mines is crucial to maintaining this growth. This reality is behind the development of a closer relationship with Australia, especially in terms of technology and services exchange agreements.