With India is set to become the world’s third-largest economy by 2030, Australia has launched a new roadmap to strengthen economic ties with India, aiming to maximise trade opportunities, benefit businesses and consumers, secure supply chains, and create jobs.
Speaking at the launch at Deakin University’s Burwood Corporate Centre on 26 Feb, the Prime Minister Anthony Albanese said, “India is an essential partner as we diversify our trade links to boost prosperity for all Australians. This Roadmap is critical to helping us fully realise our potential with India, which will be a boon to Australia’s economy, our businesses and jobs, and our prosperity.” new roadmap for India
iThe roadmap recognises that despite strong bilateral relations, significant trade and investment opportunities remain untapped and Australia must act strategically to leverage India’s growing economic influence.
Prime Minister Albanese has emphasised the deepening relationship, stating it is stronger and more consequential than ever. The leader-to-leader friendship between the two nations is supported by the fact that there have been ten meetings between PM Albanese and PM Narendra Modi since 2022, including two Annual Leaders’ Summits. At senior government levels, there is continued collaboration through the Quad, reinforcing stability in the Indo-Pacific region.
The roadmap, which builds on Peter Varghese’s 2018 report An India Economic Strategy to 2035 provides a structured approach to boost two-way investment and deepen engagement with Indian Australian businesses and communities.
It identifies four ‘superhighways of growth’ where Australia has a competitive edge:
- Clean Energy – Strengthening cooperation on renewable energy to support Net Zero commitments.
- Education and Skills – Expanding Australia’s role in educating India’s growing young workforce.
- Agribusiness – Supporting India’s food security while increasing Australian exports.
- Tourism – Enhancing travel links and promoting Australia to Indian tourists, who already contribute over $1.5 billion annually to the economy.
Beyond these sectors, the roadmap highlights nearly 50 strategic opportunities in defence industries, creative economy, sports, culture, space, science and technology, and delivering greater two-way investment. new roadmap for India
In a new initiative to support this initiative, a $16 million Australia-India Trade and Investment Accelerator Fund was announced to assist Australian businesses in tapping into Indian markets.
An extra $4 million was also announced for the Maitri Grants program, to enhance business, cultural, and people-to-people connections.
Senator Penny Wong, Minister for Foreign Affairs, said on the occasion, “Growing Australia’s economic security and diversifying our partnerships is a key element of our statecraft and central to our national interest. By boosting our economic ties with India, we are not only creating more jobs and opportunities for Australians, we are advancing our shared interest in a peaceful, stable and prosperous Indo-Pacific.”
The report acknowledges that the Australia-India Economic Cooperation and Trade Agreement (ECTA) has already saved Australian businesses hundreds of millions of dollars having already cut $2 billion in tariffs by the end of 2024. Since ECTA came into force, nearly 200 Australian products have entered or re-entered the Indian market. Agricultural exports have surged by 146%, while iron and steel exports grew by 189% between 2022 and 2024.
Over 400 consultations took place across Australia and India in helping strategise the new roadmap. provides a clear strategy to deepen trade, investment, and collaboration.
By leveraging trade agreements, investment funds, and targeted economic partnerships, Australia is poised to strengthen its relationship with India, unlocking mutual prosperity and long-term growth. new roadmap for India
