India sings all the way to the banks as investment after investment flows in ;

Australia’s Prime Minister Scott Morrison will announce a Rs 1500 crore investment package in India at Monday’s virtual summit between India and Australia focusing on technology and critical minerals. The summit will take place around noon, India time. There was a virtual summit between the two leaders in June 2020. At that time, the virtual summit was the first time PM Modi met a foreign leader during crisis times.

A comprehensive strategic partnership was established during that summit. It is the largest government investment ever made in India. The break-up includes Rs 193 crores in clean technology and critical minerals agreements for the production of renewable energy technologies that will strengthen India’s position. It is the most expensive of the package.

Indian investments are expected in Australia’s critical mines sector, especially since Indian Mines Minister Prahlad Joshi visited the country recently. India’s auto industry can benefit from Australia’s 55 percent market share of global lithium production. Lithium is a critical mineral that is used to make electric cars, solar panels, and mobile phones. A move is underway to reduce India’s dependence on China over rare earth minerals, or critical minerals.

136 crores will be announced for cooperation in space, 152 crores to establish a center for Australia-India relations in Australia to increase community ties and business ties, and 97 crores for cooperation in trade, skills, and innovation. As the Indo-Pacific region has demonstrated increasing change and uncertainty, comprehensive strategic partnerships have never been more important. Both PMs now recognize the need to further uplift and the summit will emphasize India and Australia are top partners.

To promote ties, training, and information sharing on maritime security, an exchange program between Australia and India for young defense officers will also be announced in memory of Bipin Rawat, Chief of Defense Staff. The two countries will sign a letter of intent relating to mobility and migration that will increase people-to-people interaction. Australia will return 29 Indian artifacts to India. Australia’s national broadcaster will sign a memorandum of understanding with India’s national broadcaster.