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Australia's minerals sector has had a big role to play in this trade relationship, which has grown from Australia's ninth largest to fifth largest trading partner in five years, according to Minerals Council of Australia CEO Tania Constable.
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In 2017, Australia's minerals exports were worth more than 71% or $11.2 billion of our $15.7 billion in merchandise exports to India. Australia-India trade was worth $27.4 billion in 2017.
Coal (mostly metallurgical) was worth $9.2 billion, a growth of 38% in 12 months and an 11% annual growth trend over the past five years.
"Every minute, 30 people in India are moving to a city - the equivalent of Australia's population urbanising every 19 months," Constable said.
"With 300 million people in India still not connected to the electricity grid, and 500 million people depending on biomass for cooking, India is expected to add the equivalent of the European Union's current power generation capacity to meet expected energy demand to 2040.
"Australia is therefore well placed to help meet India's energy demands, including the supply of coal to India's new high energy, low emission power plants which will help India in meeting its Paris Agreement targets."
There will also be opportunities for the A$90 billion METS sector as India's mining industry modernises and explores potential efficiency, productivity and safety improvements.
"As the government's response acknowledges, mining and resources should remain one of the ‘lead sectors' for Australia's economic engagement with India," Constable said.
