During his four-day visit, Mr Albanese hopes to strengthen all complementary aspects between the two sides and promote economic ties.
In India, Mr Albanese will attend the Australia-India Annual Leaders' Summit in New Delhi, watch a cricket match in Ahmedabad and participate in the Australia-India CEO Forum in Mumbai.
He is being accompanied by Trade and Tourism Minister Don Farrell, Resources Minister Madeleine King and over 25 business leaders. These include significant leaders in the resources sector, education sector and IT sector.
"This is an important visit. It will be my fourth meeting with Prime Minister Modi and one of the first things I did as Prime Minister was travel to the Quad leaders meeting in Tokyo on 24 May of last year," Mr Albanese told reporters on Wednesday at Perth airport.
"Australia and India are important partners. We share common values. We are both vibrant democracies. We have an interest in improving our economic relations and the report provides a blueprint that hasn't been fulfilled enough," he added.
Mr Albanese will be giving at least seven speeches over the coming days in India on opportunities in relation to educational transfers, increased two-way investment and engagement between the business communities.
"And I think it is an enormous opportunity for Australia," he said.
Australia’s Prime Minister Anthony Albanese (L), India’s Prime Minister Narendra Modi (R) (Representative image) Source: AAP / MICK TSIKAS/AAPIMAGE
It is one of people to people relations, the growing diaspora that is there in Australia is an asset for Australia, but also those people to people links are so important.Australian Prime Minister Anthony Albanese
On Tuesday, during question time in the federal parliament, Mr Albanese said "the Indian diaspora was one of Australia's largest growing, and they made an enormous contribution in the country".
Prime Minister Anthony Albanese during Question Time in the House of Representatives at Parliament House in Canberra, Tuesday, March 7, 2023. Source: AAP / MICK TSIKAS/AAPIMAGE
It is wonderful that Indian students are once again returning to our educational institutions and we have some significant announcements about education and those relationships, how we can strengthen them benefitting our economy, but also benefitting those people to people links.Australian Prime Minister Anthony Albanese
India is Australia's sixth largest trading partner and Mr Albanese indicated that there was so much potential to further boost trade between the two countries.
"Renewable energy will be a focus of this visit, India's ambitious goals of 50 per cent renewables and 30 per cent electric vehicles by 2030 provide an opening for Australian manufacturing and resources," he said.
Mr Albanese is also expected to discuss defence and security issues with Mr Modi.
Mr Albanese said, "Our relationship with India is vital from a security perspective as well. Our defence links are growing, Australia will host Exercise Malabar for the first time this year."
We will welcome Prime Minister Modi to Australia for the Quad Leaders’ Meeting in the first half of this year, joining with the leaders of Japan and the United States in promoting a free, fair and rules-based order and a stable and balanced region.Australian PM Anthony Albanese
Representatives of some of the country's leading businesses are travelling to India with Mr Albanese, including Rio Tinto, Qantas, ANZ, Universities Australia and the University of Melbourne.
The Indian community in Australia is the fastest-growing diaspora, with the latest census showing 976,000 or 3.8 per cent of Australia’s population identifying as having Indian heritage.
Mr Albanese's visit will be the first by an Australian Prime Minister to India since 2017.
