DEPUTY Prime Minister Wayne Swan will meet senior government and business officials in India this week to boost Australia's long-term possibilities with the Asian nation and the region.
It is understood the treasurer will hold talks with his Indian counterpart, Finance Minister Palaniappan Chidambaram, as well as with economists and senior business leaders from Indian and Australian firms to discuss the opportunities in the region.
"While much of the advanced world is still facing very tough times, the shift in economic activity from west to east means the long-term prospect for our own region remain bright," Mr Swan said in his weekly economic note on Sunday.
"India is, of course, critical to those prospects."
Mr Swan's visit to India follows Prime Minister Julia Gillard's trip in October.
The Asian nation is Australia's fourth largest export market, with goods and services sold to India worth $13.12 billion in the 2011/12 financial year.
India is the fifth largest foreign investor in Australia.
Education is a key link in the relationship between the nations, with more than 48,000 Indian students studying in Australia this year, Mr Swan says.
"But we also want to see our own students learn more about the region and gain the skills they need to make the most of the opportunities that will flow as the middle-classes in countries like India grow rapidly," he says.
The Indian economy is forecast to expand at an average rate of 6.75 per cent annually to 2025 as set out in the recent Asian Century White Paper, Mr Swan says.
India posted its slowest economic growth rate in a decade, 5.3 per cent in the year to September 30, with economists forecasting an improvement next year.
Australia released its latest economic growth data last week, with the economy expanding at 0.5 per cent for the September 2012 quarter for an annual rate of 3.1 per cent.
This was a slowdown from an annual rate of 3.8 per cent in the 12 months to June 30, official data showed.
Mr Swan said it was not surprising growth slowed and incomes eased following sharp falls in commodity prices in the quarter, Europe slipped back into recession and Japan, Australia's second largest export market, had a sharp contraction.
But the economy continues to show great resilience, as shown by the 0.2 percentage points drop in the national jobless rate to 5.2 per cent in November, the treasurer says.
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