Melbourne [Australia]: Prime Minister Modi and his counterpart Albanese addressed the high-profile India-Australia CEO Forum and Economic Roadmap Business Reception in Melbourne today.
Addressing the business reception, Prime Minister Modi said the India-Australia partnership has entered a transformative, high-tech era.
He outlined a visionary roadmap to accelerate bilateral trade toward its monumental 100 billion US Dollars target by 2030, emphasising a structural transition to high-value, future-ready commerce.
The Prime Minister emphasised that, amidst global supply chain disruptions, India and Australia stand together as natural, trusted anchors of stability.
He invited deep commercial collaboration across future-ready frontiers, highlighting India’s ambitious target of achieving 500 GW of renewable energy capacity by 2030 and net-zero emissions by 2070 and its newly opened private nuclear sector with a target of achieving 100 GW of nuclear power capacity by 2047, backed by Australia’s massive uranium reserves.
Turning to core industries, the Prime Minister spotlighted India’s unprecedented infrastructure expansion, currently constructing 34 kilometres of national highways and over 1 kilometre of railway tracks daily, positioning the country as an ideal, secure destination for long-term Australian pension fund capital.
As the world’s second-largest crude steel producer, India is also primed to co-develop low-carbon aluminium and green iron to build highly resilient, sustainable supply chains. In the high-tech space, backed by a USD 10 billion government incentive program, he advocated for co-creating global solutions in semiconductors, artificial intelligence, quantum computing, data centres, and digital public infrastructure.
On human capital, he celebrated the establishment of Australian university campuses in GIFT City, urging corporate leaders to structurally convert student mobility into a lifelong talent partnership.
Crucially, the Prime Minister suggested a decentralised approach to economic diplomacy, urging corporate leaders to bypass a capital-centric focus and instead forge direct, state-to-state alliances.
By linking Western Australia’s critical minerals with Gujarat’s manufacturing and Victoria’s innovation hubs with Karnataka’s tech ecosystem, this strategic roadmap transforms high-level diplomatic trust into localised, enduring engines of prosperity.
Speaking at the forum, Australian Prime Minister Anthony Albanese celebrated the historic transformation of the Australia-India alliance from parallel journeys into a deeply integrated, future-ready partnership.
He highlighted that India is securely on track to become the world’s third-largest economy.
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Albanese outlined major milestones driving this strategic roadmap, including AustralianSuper’s additional 500 million AUD commitment to India’s National Investment and Infrastructure Fund.
Educational cooperation has reached unprecedented heights, expanding beyond GIFT City campuses to embrace massive resource investments by Monash University to fund exchange programmes and critical scholarships.
Furthermore, industrial synergy is actively taking shape through the landmark Perdaman Project Ceres urea plant, which seamlessly pairs advanced Indian machinery with Australian resources to secure global agricultural supply chains. Ultimately, Albanese emphasised that the true custodians of this dynamic partnership remain the vibrant, one-million-strong diaspora bridging both nations.
The India-Australia CEO forum marked a decisive shift from parallel diplomatic tracks to an integrated, future-proof economic engine.
Prime Minister Modi signalled a new era of decentralised economic diplomacy, calling for direct, state-to-state corridors that link Australia’s raw resources directly with India’s massive clean energy, chip manufacturing, and digital infrastructure pipelines.
Echoing this vision, Prime Minister Albanese mapped out massive capital commitments – anchored by AustralianSuper’s multi-million-dollar investments, unprecedented higher education partnerships, and landmark industrial projects like the Perdaman plant. Together, both leaders made it clear that while policy sets the runway, it is the direct synergy of our corporate titans and the unstoppable aspiration of the one-million-strong diaspora that will pilot this relationship to its one-hundred-billion-dollar target.
(With PB/PIB inputs)
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