Prime Minister Narendra Modi and Australian Prime Minister Anthony Albanese shared a historic selfie following their participation in the India-Australia CEO Forum and Economic Roadmap Business Reception in Melbourne. The candid moment symbolized the warm camaraderie and deepening ties between the two nations, moving beyond formal diplomacy.
Modi Urges Deeper Cooperation Amid Global Uncertainty
Addressing the forum, PM Modi described India and Australia as "natural and trusted partners" during a period of global uncertainty marked by supply chain disruptions and an energy crisis. He urged businesses from both countries to intensify collaboration in key sectors such as clean energy, infrastructure, artificial intelligence, and education. Modi noted that the participation of corporate leaders reflected the "shared confidence and aspirations" of both nations.
"Today, the world is going through a period of uncertainty, supply chain disruptions, and an energy crisis. At such a time, it is both natural and necessary for India and Australia to move forward as natural and trusted partners," Modi stated. He highlighted that over the past few years, the two countries have built a strong framework for future cooperation by combining their capabilities.
ECTA Success and Path to Comprehensive Agreement
PM Modi emphasized the success of the India-Australia Economic Cooperation and Trade Agreement (ECTA), finalized in record time in 2022. Since its implementation, exports from India to Australia have doubled, benefiting businesses in both countries through new market access. He announced that the nations are now moving towards a Comprehensive Economic Cooperation Agreement.
"Through these efforts, the governments of both nations have prepared a new runway, and the aircraft of investment and innovation is now ready to take off. You all have to take this to new heights," Modi remarked.
Focus on Clean Energy and Nuclear Cooperation
Turning to clean energy, the Prime Minister highlighted India's rapidly developing manufacturing ecosystem for hydroelectric projects, green hydrogen, solar modules, and wind energy infrastructure. He noted that India has targeted a renewable energy capacity of 500 gigawatts by 2030 and aims to achieve Net Zero emissions by 2070. Australia's technological expertise, financial capital, and natural reserves are seen as pivotal to India's green transition.
Modi also detailed recent reforms in the civil nuclear sector, stating, "A few months ago, India opened up the nuclear sector to private companies. We have set a target of 100 gigawatts of nuclear energy by 2047. Australia's vast uranium reserves are directly linked to India's nuclear journey."
Infrastructure and Industrial Synergy
The Prime Minister pitched India's booming infrastructure sector to Australian investors, highlighting opportunities in ports, airports, highways, railways, and urban renewal. He noted that national highways in India are expanding at approximately 34 kilometres per day, and over 8 kilometres of railway tracks are being laid daily. Modi advocated for deeper industrial synergy, stating that India and Australia are already strong partners in the steel industry and could scale up ties in low-carbon aluminium, green iron, and eco-friendly manufacturing technologies.
Technology and Investment Opportunities
Modi emphasized that the Indian government has provided support exceeding $10 billion under the AI Mission, Quantum Mission, and Semiconductor Programme. He invited collaboration in data centres, AI, quantum technology, semiconductors, and digital public infrastructure. Addressing Australian pension funds, which manage assets worth over four trillion dollars, Modi assured them that India offers safe, stable, and sustainable growth opportunities. "We view pension savings not merely as capital, but as the trust of millions of families," he said.
Education and Local Partnerships
In education, Modi pointed out that Deakin University and the University of Wollongong have operationalised campuses in Gujarat International Finance Tec-City (GIFT City), reflecting confidence in India. He called for transforming student mobility into talent partnerships. Concluding his remarks, Modi urged that the partnership should not be limited to capitals or select cities, but should engage stakeholders across states, cities, universities, and industries. He suggested identifying specific state-to-state and sector-to-sector partnerships moving forward.
