How Did “The Maitri Scholar Program” Boost The Supply Chain Relations Of India And Australia?
The 'Maitri Scholars Program' was just unveiled by Australia's Foreign Minister, Ms. Marise Payne. The Australian government would provide a staggering $11 million to this initiative, which will assist deserving Indian students in achieving their ambition of attending a world-class university. Students from low-income families will be able to use the scholarship to cover the costs of their education in Australia. The freshly created QUAD includes global mammoths like India and Australia. India and Australia have similarly raised their relationship to the level of Comprehensive Strategic Partnership.
Ms. Marise Payne, Australia's Foreign Minister, also revealed that $6 million of the overall scholarship money will go toward cultural exchanges. The cultural exchanges will enable both nations' creative sectors to engage and benefit from each other's experience in their respective disciplines. The minister also emphasised on Australia's and India's close economic and commercial connections. In the middle of the COVID-19 epidemic, the minister pointed out the necessity of collaborative research efforts. The epidemic exposed vulnerabilities in our systems, which can only be addressed by more aggressive research cooperation between our two nations' talent pools.
When Ms. Marise Payne met External Affairs Minister of India, Dr. Subrahmanyam Jaishankar, the two foreign ministers also stated their intention to utilise the talent pool from both nations to seek infrastructure development prospects between the two countries. Australia has vast financial resources, and India provides excellent investment prospects. The 'Maitri Scholars Program' is a stride forward in training the Indian talent pool and creating a huge, trained workforce that will contribute to India's growth story.
Now the question arises how the Indian logistics sector is going to benefit from this program?
When Indians shift from one country to another, they tend to take a lot of belongings with them to give them the sense of home abroad. This tendency has helped the logistics industry to export Indian goods across the globe. To prove this, here are some statistics from the recent past:
India's largest trade partners with their total trade (sum of imports and exports) in billions of US dollars (2019-2020)
|United Arab Emirates||28.81|
Over the years, many Indians have migrated to the USA for education as well as jobs. After which, many of them have settled in USA and hence started the spreading of Indian community all over the country. As a result, due to our tendency to make home like environment wherever we settle, the demand for Indian goods in America saw a huge spike which gave a huge stimulus to the goods manufacturers in India to meet the demand that led to increase in exports to America.
This similar trend in exports can be forecasted when the Maitri Scholar Program sets in motion.
Demand of Indian goods will spike in “The Great Southern Land”. Apart from ‘The Maitri Scholar Program’, other agreements that were made in the met were as follows, Australia is India's largest export destination in the Oceania area, and it is one of the top 15 destinations for Indian commodities. India's exports to Australia totalled $7.4 billion between April 2021 and February 2022, an increase of more than 100% over the same time in the year prior. The trade deal, which is scheduled to be implemented in approximately four months, is estimated to more than quadruple bilateral trade, from $27.5 billion now to up to $50 billion over the next five years.
To manage this future spike in demand for exports and your current supply chain cycle, contact us on +91 83290 83054 or mail us at email@example.com to get in touch with us to book a demo of CargoFL TMS which comprises of AI and data-driven features that will assist youin precisely forecasting demands by using data analysis, thereby saving you huge costs.