Sheba, you have a long history in facilitating this bilateral relationship over the years. How do you summarise it THEN and NOW?

I’ve had the privilege of working on the Australia–India bilateral relationship since 2000, the same year I migrated to Australia. Looking back, it’s remarkable how much has changed.

In the early 2000s, the relationship was tentative. There was goodwill, but very little strategic engagement. Many Australian businesses found India difficult to understand, challenging to navigate, and often viewed it as “too hard.” At the time, other Asian markets were receiving most of Australia’s attention, while India was largely overlooked.

If I had to summarise that period in one sentence, it would be:

“India was placed in the hard basket.”

Today, the picture couldn’t be more different. India has emerged as one of the world’s most influential economies and an indispensable strategic partner. More than 600 Australian companies now operate in India, and the relationship extends well beyond trade into education, technology, critical minerals, defence, innovation and people-to-people links.

Most importantly, the conversation has shifted. Australia is no longer asking whether it should engage with India, but how it can engage more effectively. “New India” has become synonymous with opportunity, innovation and global influence.

We remember attending Prime Minister Narendra Modi’s Business Leaders Address hosted by AIBC in Melbourne in 2014. It had many Australian business leaders and stalwarts attending. Did these leaders finally invest in India and the bilateral relationship?

The 2014 Business Leaders Address by Indian Prime Minister Narendra Modi during his first visit to Australia in November was indeed a defining moment. It marked the beginning of a powerful new chapter in the bilateral relationship and a gradual shift in Australia’s mindset towards India.

Not every business leader who attended invested immediately, but many began a journey of understanding India that has since translated into investment, partnerships and long-term engagement. For some, it opened the door to board-level discussions they had never previously considered.

Many business leaders travelled extensively to India following the 2014 address, exploring business opportunities and gaining a deeper understanding of the country’s business culture and commercial landscape.

Just prior to the address, I had the opportunity to provide a brief overview of Prime Minister Modi and his mantra, “From removing red tape to rolling out the red carpet,” to one of Australia’s leading business figures, Gina Rinehart. The message highlighted India’s commitment to attracting international investment.

It was truly heart-warming to later see Gina Rinehart publish a book titled From Red Tape to Red Carpet, which was highly appreciated and officially launched by Prime Minister Modi.

Today, we are witnessing the results of those early conversations through increased investment, stronger collaboration and a much deeper institutional relationship between our business communities.

We remember you were also a member of the first CEO delegation led by then Prime Minister Hon Tony Abbott. This delegation was meant to commence FTA discussions with India. What has been the outcome since?

Being part of that first CEO delegation was a genuine milestone, and I was honoured to be included as a diaspora business leader.

There was a strong sense that both countries recognised the relationship had enormous and untapped potential.

Trade agreements are never built overnight. They require trust, political will and years of negotiation. The delegation helped establish that foundation.

Since then, we’ve seen the signing of the Australia–India Economic Cooperation and Trade Agreement, which has significantly reduced trade barriers, created new market access and provided Australian businesses with greater confidence to invest in India.

More importantly, it has changed the tone of the relationship. The conversation has evolved from one focused purely on trade to one centred on a long-term strategic partnership.

Do Australian businesses truly understand the importance of India in a global sense?

Some do—but many are still learning.

Australia increasingly recognises India’s economic scale, youthful population, digital transformation and geopolitical importance. However, understanding India requires more than simply looking at population numbers or GDP.

India is a sophisticated, diverse and highly competitive economy. Success requires commitment, patience and the ability to build trusted relationships.

Businesses that invest time in understanding India generally discover opportunities far greater than they initially expected. Those looking for quick wins often underestimate the market.

What do you believe, from your experience, has held back Australian businesses from investing in India? Any tips for them?

Historically, uncertainty has been the biggest barrier.

Businesses have often worried about regulation, complexity and navigating a highly diverse market. In many cases, those concerns were based on outdated perceptions rather than current realities.

India today is very different from the India of twenty years ago. Digital transformation, infrastructure investment, policy reforms and ease-of-doing-business initiatives have fundamentally changed the investment landscape.

My advice is simple: don’t approach India expecting it to operate like Australia. Invest time in understanding the market, build trusted local partnerships, spend time on the ground and think long term.

Relationships matter enormously in India.

Those who commit strategically and for the long term are rewarded.

We are aware that you have helped several Indian banks and companies launch in Australia. How do Indian businesses view Australia?

Our company had the honour of helping several Indian banks establish their presence in Australia, including the State Bank of India, Punjab National Bank and Union Bank of India, along with several other companies.

Indian businesses see Australia as a trusted, stable, quality-driven and transparent market.

Australia offers strong governance and an outstanding reputation for quality, particularly in education, financial services, agribusiness, healthcare, mining technology and renewable energy. Australia is also recognised for its strong work ethic and commitment to delivering outcomes.

Increasingly, Indian companies are viewing Australia not only as an export destination but also as a strategic base for innovation, investment and regional expansion.

Australia’s commitment to research and development, combined with India’s scale, creates an outstanding platform for strengthening the bilateral relationship.

Any last thoughts on the future of this bilateral relationship and the role of the diaspora?

I believe the best chapter of the Australia–India relationship is still ahead of us.

The strategic alignment between our two countries has never been stronger, and the opportunities across business, education, innovation, research and technology are immense.

The Indian diaspora has played a pivotal role in bringing our countries closer together. They are not simply cultural ambassadors; they are entrepreneurs, investors, professionals, academics and community leaders who understand both countries deeply.

Diaspora communities build trust in ways that governments and businesses often cannot. They create connections, facilitate partnerships and help both countries better understand each other’s strengths.

Ultimately, the Australia–India relationship is no longer just about trade. It is about shared values, shared prosperity and shaping the future together.

I am incredibly optimistic about what lies ahead. It is about a shared and strategic partnership.

About Sheba Nandkeolyar

Sheba Nandkeolyar is Founder and CEO of MultiConnexions Group and Founder and Director of Clean Drinking Water Solutions Pty Ltd, a nanotechnology company.

She is the former National Chair—and the first woman National Chair—of the Australia India Business Council (AIBC). She also served as a Board Director of the Australia India Council within Australia’s Department of Foreign Affairs and Trade (DFAT).

She is passionate about bilateral trade and business and believes the Indian diaspora in Australia will play a crucial role in fast-tracking the relationship between the two countries across business, culture and society.