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With focus on critical minerals, Australia to announce Rs 1500 crore investment in India

Source : WION

With focus on critical minerals, Australia to announce Rs 1500 crore investment in India
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With a focus on technology and critical minerals, Australian PM Scott Morrison will announce Rs 1,500 crore investment package in India at the India Australia virtual summit that will take place on Monday.

The summit will happen around noon, India time. The last such virtual summit between the two leaders took place in June 2020. At that time, amid the Covid crisis, it was the first such virtual summit PM Modi had with any foreign leader. During that summit, the relationship was raised to a comprehensive strategic partnership.

The package is the largest ever Australian govt investment in India. The break up includes Rs 193 crores in clean technology and critical minerals cooperation for the production of renewable energy technologies firming up India's capacity in the sector. The amount is also the largest of component of the package.

Australia is expecting Indian investment in the country's critical mineral mines sector, especially with the visit of Indian Mines Prahlad Joshi to the country. Australia accounts for 55 per cent of global lithium production, something that can help India's auto sector.

Critical Minerals like lithium form the base of global economies and are used in the manufacture of electric cars, solar panels, mobiles. The development comes even has moves are on to reduce dependency on China for critical minerals, also known as Rare earth.

Rs 136 crore will be announced to enhance cooperation in space, Rs 152 crore to establish centre for Australia India relations based in Australia increase community, business ties, and oversee scholarships, Rs 97 crore for cooperation in trade, skills, and innovation.

Sources said, "at a time Covid has demonstrated increasing change and uncertainty across the Indo Pacific, the importance of comprehensive strategic partnership has never been more evident. Both PMs now recognize the need to further uplift and summit will emphasis India and Australia are top tier partners."

Australia, India young defence officers exchange programme will also be announced in memory of Chief of Defence staff Bipin Rawat to promote ties, training, and information sharing on maritime security. Letter of intent on mobility, migration to be signed between the two countries that will increase people-to-people interaction. 29 Indian artefacts will be returned by Australia to India.

The national broadcaster of India, Australia will sign MoU, especially focusing on Indian programs in Australian networks.

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