A delegation of business leaders led by Australian trade minister Warren Truss will visit India in February with Australia's wealth management a focus for discussions.
This is the 16th joint business council delegation and is coordinated between Austrade and the Australia India Business Council.
"This year, wealth management will be top agenda item for discussions. In previous years we have had strong discussions around information technology, resources and agribusiness sectors," Australia India Business Council chief executive Stephen Manallack said.
Manallack said the surge in growth of the middle class in India led to an increased demand for managed funds as Indians looked at ways to direct their discretionary spending.
Australia was well placed to provide India with intellectual property in wealth management particularly in the areas of product, information technology platforms and financial planning, he said.
"Australia ranks fourth in the world for funds management and our skill base and intellectual property in the field of superannuation is a competitive position for the emerging funds management and wealth management sectors in India," Manallack said.
Australia's financial services accounts for 7.5 per cent of GDP compared with the combined sectors of agriculture farming and fishing which for 3.3 per cent, according to government body Axiss Australia.
