Australia to announce 'largest-ever' investment worth Rs 1,500 cr in India
- IBEF
- March 21, 2022
At the India-Australia bilateral summit on Monday, Canberra will unveil the largest-ever investment by the Australian government in India, at Rs 1,500 crore (US$ 197.22 million) investment in different industries. According to sources, India and Australia will reach an early harvest deal by the end of this month. An early harvest agreement aims to reduce tariffs on some items traded between two nations or trading blocs before a comprehensive deal is reached.
On Monday, Prime Minister Mr. Narendra Modi and the Australian Prime Minister Mr. Scott Morrison will hold the second India-Australia Virtual Summit to lay the groundwork for new projects and strengthen bilateral collaboration in a variety of areas. According to a diplomatic source, the two nations will sign a Memorandum of Understanding (MoU) in the sector of key minerals, which will aid India's access to metallic coal and lithium in Australia, as well as meet the country's growing need for electric vehicles and infrastructure.
In addition, the two countries would establish a partnership development centre in Canberra, Australia. According to the source, announcements on space, cyber activities, technology, agriculture, education, and broadcasting would also be made.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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