Modi, who held a roundtable with top Australian CEOs here, discussed prospects for bilateral cooperation specially in the field of education, services, energy, banking and information technology and tourism.
Modi, during the hour-long roundtable hosted by Victoria's Governor Alex Chernov at Government house, said India was open for business and was also keen to forge stronger business relations with Australia.
Noting that the new government has identified several areas of cooperation, Modi said there was a huge potential for developing educational ties especially at school level.
"Victoria has taken a good initiative of tying up with India. We have Youth. I would like to focus on two main area - one is research and the other is education," Modi said.
As Victoria was leading in the field of research, a collaboration in that area could be looked at, he said.
"We just launched our 'Make in India' initiative and this presents opportunities in our country," he said, adding that issues of concerns for those keen to invest in India would be looked at in the next budget.
He invited Australian businessmen to collaborate with India in the field of green technology, LNG, gas and tourism sector.
Modi said that the government was keen to build cruise tourism.
"We discussed various issues, but the area which I would like to focus is tourism sector where I find several opportunities and possibilities," Modi said adding Monday's announcement about visa on arrival facility for Australian tourists would also benefit business community too.
"I extend an invitation to look at this sector too," Modi said, noting that India's long coastline provides huge opportunities for developing the cruise sector.
In a joint statement issued at the end of Modi's visit, the two countries committed themselves to working together to combat terrorism and transnational crimes.
The two Prime Ministers agreed that the existing Joint Working Group on Counter-Terrorism would be renamed to cover other transnational crimes, including on-going cooperation on illegal migration.
They noted the conclusion of a new Framework for Security Cooperation to guide closer bilateral collaboration across the security spectrum, including in defence, counter-terrorism, cyber policy, disarmament and non-proliferation and maritime security.
The Framework demonstrates the unshakeable resolve of the two countries in combating and defeating terrorism, including the threat posed by foreign fighters joining extremist groups.
Noting that terrorism has become a major threat for all, Modi suggested a comprehensive global strategy and a resolve to isolate "those who harbour terrorists".
After the summit talks at the Prime Minister's office, just two months after Abbott's maiden visit to India, the two countries signed five agreements on social security, transfer of sentenced prisoners, combating narcotics trade, tourism, and Arts and Culture.
"This is a natural partnership, arising from our shared values and interests, and our strategic maritime locations," Modi said at a joint press conference with Abbott.
"Security and defence are important and growing areas of the new India-Australia partnership - for advancing regional peace and stability, and combating terrorism and trans-national crimes," he said.
The security framework, finalised hours before the talks, lays out an extensive "action plan" including annual prime ministerial summits and maritime military exercises, besides cooperation in counter-terrorism, border control and close consultations on regional and international institutions.
Modi said the two sides also "agreed on seeking early closure on the civil nuclear agreement, which will give Australia a chance to participate in one of the most secure and safe nuclear energy programme in the world."
Modi and Abbott had summit talks in Delhi last month during which India and Australia sealed a civil nuclear deal.
Australia has about 40 per cent of the world's uranium reserves and exports nearly 7,000 tonnes of yellow cake annually. India and Australia had commenced negotiations for the sale of uranium in early 2012.
Addressing the Parliament, Abbott said, "If all goes well, Australia will export uranium to India under suitable safeguards because cleaner energy is one of the most important contributions that Australia can make to wider world."
Abbott also said that "By the end of the next year we will have a Free Trade deal with what is potentially the world's largest market."
While talking about India-Australia ties, Modi said: "India and Australia have a great economic synergy."
"There are huge opportunities for partnership in every area we can think of - agriculture, agro-processing, resources, energy, finance, infrastructure, education, and science and technology," Modi said.
Modi emphasised that the economic climate in India has changed. "I believe it will be a lot easier to convert opportunities into concrete outcomes."
He also announced that India will organise a 'Make in India' show in Australia in 2015 while Australia would hold a business week in India in January next year.
"Prime Minister Abbott and I discussed what we should do to impart real momentum to our economic partnership.
Reconstituting the CEO Forum is an important step.
"We have agreed to speed up negotiations on the Comprehensive Economic Partnership Agreement. I also asked for easier access for Indian business to the Australian market and quicker investment approvals," Modi said.
The two-way trade stands at a relatively modest USD 15 billion a year compared with USD 150 billion for Australia's two-way trade with China.
Modi said India and Australia were members of several institutions "critical" to the region and the world and both the countries should coordinate more closely on global fora.
Modi, during the hour-long roundtable hosted by Victoria's Governor Alex Chernov at Government house, said India was open for business and was also keen to forge stronger business relations with Australia.
Noting that the new government has identified several areas of cooperation, Modi said there was a huge potential for developing educational ties especially at school level.
"Victoria has taken a good initiative of tying up with India. We have Youth. I would like to focus on two main area - one is research and the other is education," Modi said.
As Victoria was leading in the field of research, a collaboration in that area could be looked at, he said.
"We just launched our 'Make in India' initiative and this presents opportunities in our country," he said, adding that issues of concerns for those keen to invest in India would be looked at in the next budget.
He invited Australian businessmen to collaborate with India in the field of green technology, LNG, gas and tourism sector.
Modi said that the government was keen to build cruise tourism.
"We discussed various issues, but the area which I would like to focus is tourism sector where I find several opportunities and possibilities," Modi said adding Monday's announcement about visa on arrival facility for Australian tourists would also benefit business community too.
"I extend an invitation to look at this sector too," Modi said, noting that India's long coastline provides huge opportunities for developing the cruise sector.
In a joint statement issued at the end of Modi's visit, the two countries committed themselves to working together to combat terrorism and transnational crimes.
The two Prime Ministers agreed that the existing Joint Working Group on Counter-Terrorism would be renamed to cover other transnational crimes, including on-going cooperation on illegal migration.
They noted the conclusion of a new Framework for Security Cooperation to guide closer bilateral collaboration across the security spectrum, including in defence, counter-terrorism, cyber policy, disarmament and non-proliferation and maritime security.
The Framework demonstrates the unshakeable resolve of the two countries in combating and defeating terrorism, including the threat posed by foreign fighters joining extremist groups.
Noting that terrorism has become a major threat for all, Modi suggested a comprehensive global strategy and a resolve to isolate "those who harbour terrorists".
After the summit talks at the Prime Minister's office, just two months after Abbott's maiden visit to India, the two countries signed five agreements on social security, transfer of sentenced prisoners, combating narcotics trade, tourism, and Arts and Culture.
"This is a natural partnership, arising from our shared values and interests, and our strategic maritime locations," Modi said at a joint press conference with Abbott.
"Security and defence are important and growing areas of the new India-Australia partnership - for advancing regional peace and stability, and combating terrorism and trans-national crimes," he said.
The security framework, finalised hours before the talks, lays out an extensive "action plan" including annual prime ministerial summits and maritime military exercises, besides cooperation in counter-terrorism, border control and close consultations on regional and international institutions.
Modi said the two sides also "agreed on seeking early closure on the civil nuclear agreement, which will give Australia a chance to participate in one of the most secure and safe nuclear energy programme in the world."
Modi and Abbott had summit talks in Delhi last month during which India and Australia sealed a civil nuclear deal.
Australia has about 40 per cent of the world's uranium reserves and exports nearly 7,000 tonnes of yellow cake annually. India and Australia had commenced negotiations for the sale of uranium in early 2012.
Addressing the Parliament, Abbott said, "If all goes well, Australia will export uranium to India under suitable safeguards because cleaner energy is one of the most important contributions that Australia can make to wider world."
Abbott also said that "By the end of the next year we will have a Free Trade deal with what is potentially the world's largest market."
While talking about India-Australia ties, Modi said: "India and Australia have a great economic synergy."
"There are huge opportunities for partnership in every area we can think of - agriculture, agro-processing, resources, energy, finance, infrastructure, education, and science and technology," Modi said.
Modi emphasised that the economic climate in India has changed. "I believe it will be a lot easier to convert opportunities into concrete outcomes."
He also announced that India will organise a 'Make in India' show in Australia in 2015 while Australia would hold a business week in India in January next year.
"Prime Minister Abbott and I discussed what we should do to impart real momentum to our economic partnership.
Reconstituting the CEO Forum is an important step.
"We have agreed to speed up negotiations on the Comprehensive Economic Partnership Agreement. I also asked for easier access for Indian business to the Australian market and quicker investment approvals," Modi said.
The two-way trade stands at a relatively modest USD 15 billion a year compared with USD 150 billion for Australia's two-way trade with China.
Modi said India and Australia were members of several institutions "critical" to the region and the world and both the countries should coordinate more closely on global fora.