AUSTRALIAN financial services companies should consider new opportunities in India, according to a report by Austrade and KPMG India. The report found growth in India was being driven by the retail sector, with rising consumerism, increasing household wealth and retail lending providing a boost to the financial services industry. It found retail customer divisions were doing well, in mortgages, credit cards, loans and securities broking. This growth has triggered interest from global businesses in consumer and SME finance, asset and wealth management, private equity and non-recourse lending. Austrade says the Australian financial services industry has key strengths which could be leveraged in the Indian market.
