Prime Minister Narendra Modi outlined the comprehensive economic roadmap for India-Australia partnership at a business reception, highlighting significant achievements and future opportunities across multiple sectors. The Economic Cooperation and Trade Agreement (ECTA) concluded in 2022 has already doubled India's exports to Australia since implementation, creating enhanced market access opportunities for businesses in both countries. The partnership is now advancing toward a comprehensive CECA agreement to further strengthen economic ties.
In the clean energy sector, India is building a manufacturing ecosystem for hydro projects, green hydrogen, solar modules, and wind energy, with a target of achieving 500 GW of renewable energy capacity by 2030 and Net Zero by 2070. The recently passed SHANTI Act has opened India's nuclear energy sector to private companies, with a target of 100 GW nuclear energy capacity by 2047, creating opportunities for collaboration with Australia's uranium resources.
Infrastructure development presents substantial investment opportunities, with India constructing national highways at a pace of 34 kilometres per day and laying more than 8 kilometres of railway tracks daily. The steel sector partnership can expand to include low-carbon aluminium, green iron, and clean manufacturing initiatives.
Technology collaboration areas include data centres, AI, quantum technologies, semiconductors, and digital public infrastructure, with the Indian government providing over $10 billion support through AI Mission, Quantum Mission, and Semiconductor Program. Australia's pension funds, managing assets worth over $4 trillion, are invited to participate in India's safe, stable, and sustainable growth opportunities.
The Prime Minister proposed focused state-to-state partnerships, suggesting connections between Western Australia's critical minerals and manufacturing capabilities of Odisha and Gujarat; Queensland and Tasmania's clean energy expertise with renewable corridors of Punjab, Tamil Nadu, and Andhra Pradesh; New South Wales and Victoria's finance and innovation ecosystems with Maharashtra, Karnataka, and Telangana; and South Australia's defence and space capabilities with Uttar Pradesh and Kerala.