As Prime Minister (PM) Narendra Modi lands in Melbourne this week for bilateral talks with Australian PM Anthony Albanese, the timing speaks volumes. India’s economy faces constraints from what finance minister Nirmala Sitharaman calls the “3Fs” — fuel, fertiliser, and foreign exchange. Gold and crude imports are straining the external balance. Australia can help hedge against all three. The agenda can be summed up in three Es: energy, education, and engagement.

Energy: Many minerals India considers critical are key to future energy security, and Australia has lithium, cobalt, nickel and rare earths for batteries and EVs. These can help meet India’s demand in the battery manufacturing and green hydrogen segments. Australia’s solar and hydrogen potential, combined with India’s 500GW non-fossil target by 2030, could lead to energy partnerships. PM Modi’s visit could catalyse investment- and offtake-deals. This will mean diversified energy sources, shared risk, and fewer chokepoints.

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However, tariff relief for critical minerals from the Indian side is still awaited. Australian co-investment in Indian processing and refining capacity is a suggestion worth considering; capital and technology can offset the tariff relief. Partners such as Japan, which already has deep mining and materials expertise, would also be keen to explore co-investment in such opportunities under the Supply Chain Resilience Initiative (SCRI), the trilateral agreement between India,........

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