India, Australia must move ahead as ‘natural and trusted partners’ amidst global uncertainty: PM Modi

Prime Minister Narendra Modi on Thursday pitched India and Australia as "natural and trusted partners" at a time when the world is grappling with uncertainty, supply chain disruptions and an energy crisis, calling for deeper cooperation in trade, investment, technology, clean energy and critical minerals during his three-day visit to the country.

"The world is reeling with uncertainty, supply chain disruption and energy crisis at the moment. At this time, India-Australia must move forward as natural and trusted partners," Modi said while addressing business leaders and investors at the Australia-India economic roadmap business event.

Also read: PM Modi arrives in Australia for talks with Albanese, diaspora outreach


The Prime Minister said the India-Australia partnership offered "historic opportunities" across nuclear and renewable energy, critical minerals and green hydrogen, as both countries seek to deepen economic engagement.

Modi said bilateral trade ties had strengthened significantly in recent years, reflecting the growing economic relationship between the two countries.

"India's exports from Australia have doubled and both nations have gotten access to new markets," he said.

He added that Australia's technology, capital and natural resources could help accelerate India's energy transition, while signalling opportunities for collaboration in low-carbon aluminium projects.

Historic opportunity in clean energy, critical minerals

Pitching India as an attractive destination for global investment, the prime minister said the two countries had laid the foundation for greater collaboration.

"Both countries have prepared a new runway to make investments and innovation's 'airplane' fly," Modi said.

Calling on Australian businesses to make long-term investments in India, he said the country offers a stable investment environment.

"India provides a safe, stable and sustainable growth option for your funds," he said.

The government has committed substantial financial support to emerging sectors in a bid to make India a global technology and manufacturing hub, he added.

"Under AI mission, quantum mission and semiconductor mission, Indian govt has earmarked more than $10 billion in support. We aspire to build global solutions in this changing era of technology," the Prime Minister said.

Addressing foreign investors, Modi said, "Pension is considered 'sacred' in India, we call it the trust of crores of Indians. Similarly, India gives you a chance to keep your funds secure with us."

He also spoke about India's clean energy push, saying, "We are preparing an ecosystem to help build clean energy sources."

Modi said India has opened its nuclear sector to private players through the SHANTI Act.

Also read: India, Australia set to seal uranium supply pact during PM Modi’s visit

Infrastructure, nuclear cooperation in focus

Inviting Australian investors to participate in India's infrastructure expansion, Modi said, "Scale, speed and stability are three principles India is building its infrastructure on."

His remarks come as India seeks to ramp up nuclear power generation to 100 gigawatts by 2047 and expand cooperation with Australia in areas such as uranium, renewable energy and critical minerals.

Australian Prime Minister Anthony Albanese, who met Modi at the business event, described the Indian leader as a "living bridge" between the two countries and said his vision had helped reshape Australia's economic engagement with India. The two leaders are scheduled to hold formal bilateral talks later on Thursday.

India is Australia's fifth-largest trading partner, while nearly one million people in Australia claim Indian ancestry. Modi is also expected to address thousands of members of the Indian diaspora at a community event in Melbourne before leaving for New Zealand on Friday.