India's economic growth commands worldwide respect: Howard

New Delhi, Mar 6 (UNI) Australian Prime Minister John Howard today announced the Australian Government would be allocating 25 million dollars over the next 5 years to India to support bilateral research collaboration through the Strategic Research Fund and exchange scholarship.

''Ties between Australia and India take a new meaning with the signing of the Australia India Trade and Economic Framework Agreement between the two countries'' he said.

Speaking at a business meeting organised jointly by the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry (FICCI) and the Associated Chambers of Commerce and Industry of India (ASSOCHAM) here Mr Howard pointed out, India was Australia's sixth largest merchandiser export market. ''Australia supplied 25 per cent of India' s gold market and Australian coal is used in more than 50 per cent steel produced in India. Our trade in the resources sector has the potential to build greater inter-dependence'' he added.

Noting the growth of India's 300 million-strong middle class with enough disposable income to make them an eager, brand conscious consumers as a special new development, the Prime Minister said, " This, I regard as one of the momentous developments of the 21 st century, the emergence for the first time in history of a truly global middle-class," a CII release quoted him as saying.

On his second visit to India in six years, Mr Howard said India's economic progress in the last decade was spectacular and had started commanding the respect of every country in the world. To promote people-to-people contact between the two countries, Mr Howard announced that the Australian government would allow Indian citizens to access their tourist e-visa scheme, which would come into effect later this year.

He declared that the bilateral air services agreement signed between the two countries would allow an Indian carrier into the Australia-India aviation market either operating its own aircraft services or in cooperation with an Australian carrier under code share agreements to provide greater commercial flexibility for airlines.

Declaring that passion for cricket was one of the binding factors between the two countries, he announced that the Australian Government would contribute one million dollars towards the Bradman tour of India. This exhibition will travel to New Delhi, Mumbai, Chennai and, later this year. Mr Kamal Nath, Minister for Commerce and Industry, stated that the time had come to raise Australia-India relationship, which had been limited to''Commonwealth, curry and cricket to energy, education and economics.'' He pointed out that the confidence of the world in India was growing but what was more important was that the confidence of India in itself was growing. ''There is a broad-based national consensus that the process of economic development and growth must enhance both quality and efficiency'' he added.

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