- Modi met business leaders of top Australian companies here and called for enhancing cooperation with the Indian industry in areas such as technology, skilling, and clean energy.
- In a meeting with Schroder, he said that India is one of the most preferred major economies for foreign investments in the world and invited Australian Super to partner with India.
- The Indian economy is growing at a healthy pace and reached about USD 3.5 trillion and there are plans to take it to USD 32 trillion in the next 25 years.
- During April 2000 and December 2022, India received USD 1.07 billion in investments from Australia, according to government data.
- Australia is the 13th largest trading partner of India in 2022-23. While exports stood at USD 6.95 billion, imports from that country in the last fiscal aggregated at USD 19 billion.
- . India is Australia’s largest export market for gold and chickpeas, the second-largest market for coal and copper ores, and the third-largest market for lead and wool
Prime Minister Narendra Modi, who is currently on his Australia visit, was greeted by a ‘Welcome Modi’ skywriting message in Sydney. PM arrived in Australia for the third and final leg of his three-nation tour. PM Modi is scheduled to address a rally today which will reportedly have around 20,000 people participating in the event. He is visiting Australia as a guest of the Australian Government.
Prime Minister Narendra Modi met business leaders of top Australian companies here and called for enhancing cooperation with the Indian industry in areas such as technology, skilling, and clean energy. Modi held bilateral meetings with Hancock Prospecting Executive Chairman Gina Rinehart, Fortescue Future Industry Executive Chairman Andrew Forrest, and Australia Super CEO Paul Schroder. During his meeting with Rinehart, the prime minister highlighted the reforms and initiatives being undertaken in India and invited her to partner in technology, investment, and skills in the mining and minerals sector.
In a meeting with Schroder, he said that India is one of the most preferred major economies for foreign investments in the world and invited Australian Super to partner with India, it said.
Similarly, during his meeting with Forrest, Modi welcomed the Group’s plans to work with Indian companies in the field of Green Hydrogen. Forrest briefed the Prime Minister on Fortescue Future Industries’ plans and projects in India. After the meeting, Schroder said that the Australian super does invest in India. “We have had a very good experience in investing in India,” he said.
Forrest said that he and the prime minister acknowledged that the fossil fuel sector has only limited time to run and it must be replaced with a fuel that causes no harm but can do everything which oil and gas can do. Rinehart said that there are huge business opportunities between India and Australia.
The Indian economy is growing at a healthy pace and reached about USD 3.5 trillion and there are plans to take it to USD 32 trillion in the next 25 years.
During April 2000 and December 2022, India received USD 1.07 billion in investments from Australia, according to government data. Both countries have already implemented an interim free trade agreement on December 29 last year. The two nations are now engaged in widening the scope of that agreement into a Comprehensive Economic Cooperation Agreement (CECA).
Australia is the 13th largest trading partner of India in 2022-23. While exports stood at USD 6.95 billion, imports from that country in the last fiscal aggregated at USD 19 billion. India is Australia’s largest export market for gold and chickpeas, the second-largest market for coal and copper ores, and the third-largest market for lead and wool. Key products of imports from Australia include coal, copper ores and concentrates, and petroleum.
(With inputs from agencies)
