Modi’s Early Push for Australia Ties Recalled
Chief Executive of the Business Council of Australia, Bran Black, has praised the deepening economic partnership between India and Australia, recalling Prime Minister Narendra Modi’s early emphasis on strengthening bilateral engagement. Speaking to ANI at the India-Australia CEO Forum and Economic Roadmap Business Reception in Melbourne, Black shared an anecdote from Modi’s first term: “When Prime Minister Modi first became Prime Minister, he was briefed on the countries that India engages with and the opportunities for India to engage further. At the end of the meeting, I'm told that he said, 'Where's Australia? What about Australia?'” Black described this as “a lovely reflection on the priority that Prime Minister Modi places on this relationship.”
India’s Middle Class Growth and Economic Transformation
Black also highlighted India’s rapid economic transformation, noting projections that the Indian middle class will expand to 600 million people by 2035. “What that signals to me and the world is that these reform efforts are having tangible impacts on people's lives every day,” he said, underscoring the growing opportunities for Australian businesses in India.
AustralianSuper’s $500 Million Investment in India
Welcoming increased investment cooperation, Black pointed to AustralianSuper’s announcement of a AUD 500 million commitment to India’s National Infrastructure Fund. “We saw that AustralianSuper today committed to $500 million towards the National Infrastructure Fund in India. That's terrific,” he stated. He emphasized that the partnership reflects strong person-to-person links, shared democratic values, and complementary economic strengths. “We are strong democracies. We have complementarities in terms of our economic strengths, and it makes sense for us,” he added.
PM Modi Welcomes Pension Fund Commitment
Earlier, PM Modi welcomed the investment from AustralianSuper, Australia’s largest pension fund managing over AUD 410 billion in assets. In a post on X, Modi said, “India welcomes the AU$500 million investment from AustralianSuper, announced by their Chief Executive, Mr. Paul Schroder, this morning in Melbourne. This is yet another glimpse of the global confidence in India's growth and reform trajectory. It also reflects the immense opportunities that our dynamic economy offers global investors.”
India as a Secure Long-Term Investment Destination
Speaking at the India-Australia CEO Forum, PM Modi pitched India as a secure and dependable long-term investment destination, encouraging pension funds to scale up their presence. “Australian pension funds currently manage assets exceeding four trillion dollars. In India, pension savings are regarded as a sacred trust… India offers your funds opportunities for safe, stable, and sustainable growth. Our endeavour will be to ensure that both your trust and your capital grow,” he said. He also highlighted natural synergies in education and skills, aiming to transform student mobility into talent partnerships.
