The Labor government has announced a sweeping roadmap to deepen ties between Australia and the world’s likely third-largest economy by 2030, India.
Prime Minister Anthony Albanese unveiled the initiative on Feb. 26 at Deakin University, Melbourne, called the Roadmap for Australia’s Economic Engagement with India
A $4 million fund will go to the Maitri Grants program to enhance business and people-to-people ties, and includes a $16 million Australia-India Trade and Investment Accelerator Fund to support local businesses expanding into the Indian market.
“What we are able to build on is the strong relationship our two nations already enjoy–economically, culturally, and through the ties of education and sport,” Albanese said.
Clean Energy and Education in Focus
Clean energy cooperation is a top priority, with Australia positioning itself as a key partner in India’s renewable transition.
The roadmap highlights Australia’s potential advantages in critical minerals, green metals, and downstream processing.
“With India emerging as a clean energy manufacturing hub, both nations aim to leverage each other’s strengths to unlock new opportunities.”
The India-Australia Renewable Energy Partnership aims to foster collaboration on solar PV manufacturing, battery and mineral processing, green hydrogen, and green iron.
Additionally, the India-Australia Rooftop Solar Training Academy aims to train 2,000 solar technicians and helpers in its first two years.
Education remains another key focus, with India being the second-largest source of international students in Australia, numbering over 122,000.
The roadmap outlines a plan to expand in-person and online courses in India.
It comes amid cuts to Australia’s international student intake due to concerns over rising migration contributing to cost of living strains.
A 2023 review found temporary migrants, including students, had significantly increased since borders reopened in 2021.
Agribusiness and Tourism Opportunities
Australian premium agribusiness exports to India have surged by 59 percent since the trade agreement came into effect.The roadmap notes India’s growing consumer class and interest in Australian products, including lamb, seafood, and almonds.
It also highlights opportunities for collaboration in agricultural expertise and technology, with India aiming to produce more food using fewer resources.
“Australia’s agricultural sector, among the most efficient globally, is positioned to support India’s food security goals, with the sector projected to be worth $900 billion by 2030.”
Tourism is also a major growth area, with Indian visitors contributing over $1.5 billion annually to the Australian economy.
More than 400,000 Indian travellers visited the country in 2023, and this figure is expected to rise with improved flight connectivity and major events like the Olympics.
Trade Agreements and Business Benefits
The roadmap also highlights the Economic Cooperation and Trade Agreement (ECTA) as a key driver of economic benefits.Australian exporters are projected to save $2 billion in tariffs by 2025, with nearly 200 products entering the Indian market for the first time or after a long hiatus.
Agricultural exports have surged by 146 percent, while iron and steel exports have risen 189 percent between 2022 and 2024.
Strengthening Strategic Partnerships
The roadmap is continuation to collaboration announced at the second Annual Summit in November 2024 by both Albanese and Indian Prime Minister Narendra Modi.Both the PMs reaffirmed their commitment to deepening the Comprehensive Strategic Partnership.
Modi emphasised growing diplomatic ties, noting the opening of new consulates in Brisbane and Bengaluru.
Both nations also plan to update the Joint Declaration on Defence and Security Cooperation in 2025, strengthening regional security collaboration.
