Adi Godrej says trade between India, Australia 'grossly below potential'

Indian billionaire Adi Godrej has stressed on the need to expand trade between India and Australia.

"It's clear that the level of trade and investment interaction between India and Australia is much below the potential level," the Sydney Morning Herald quoted Godrej, as saying.

Godrej, who is ranked India's 10th richest man by Forbes magazine, heads a family-owned conglomerate, which is famous for producing a range of consumer products.

Though trade between New South Wales and India dates back to 1799, it has recently lagged behind other states.

New South Wales (NSW) Premier O'Farrell said that a major part of Sydney was "monocultural", and called for a deeper understanding of Asian languages and cultures

New South Wales' Australia India Business Council President Dipen Rughani pointed out that South Australia, Queensland and Victoria had fared better in forging ties with India.

Rughani stressed that regular visits by the Premier to India are "not just important but essential" if NSW wanted to take full advantage of growing trade and investment opportunities in the region.

Australia's high commissioner to India, Peter Varghese, said well-targeted business delegations to India led by premiers could be beneficial in augmenting economic ties.

Asia's need for raw materials has pushed up prices of Australia's minerals and stimulated the economy.

Asia offers a growing opportunity to sell a range of goods and services as its middle class continues to expand.

The economic prospects are even brighter in vocational training as the Indian Government has set a target of imparting vocational skill training to 500 million people by 2022. (ANI)