Modi invites Aus businesses to invest in infra, fab, space sectors

Sydney: Prime Minister Narendra Modi on Wednesday invited Australian businesses to take advantage of investment opportunities in India in sectors like digital infrastructure, telecom, and semiconductors. He suggested Australian CEOs to forge partnerships with their Indian counterparts. The prime minister, while addressing top Australian CEOs at a business round-table here, also talked about numerous economic reforms undertaken by the government.

He "invited them to take advantage of investment opportunities offered by India in domains of infrastructure including digital infrastructure, IT, fintech, telecom, semiconductors, space, renewable energy including green hydrogen, education, pharma, healthcare including medical devices manufacturing, mining including critical minerals, textile, agriculture and food processing, " Official Spokesperson, Ministry of External Affairs, Arindam Bagchi said in a tweet. The government has taken steps like reducing the compliance burden, introduction of production-linked incentive schemes and easing foreign direct investment norms.

On May 23, the prime minister met business leaders of top Australian companies and called for enhancing cooperation with the Indian industry in areas such as technology, skilling and clean energy. Modi arrived in Sydney on Monday for the third and final leg of his three-nation tour. He is visiting Australia as a guest of the Australian government. Modi held bilateral meetings with Hancock Prospecting Executive Chairman Gina Rinehart; Fortescue Future Industry Executive Chairman Andrew Forrest and AustralianSuper CEO Paul Schroder.