Prime Minister Tony Abbott says he wants a free trade deal with India by the end of 2016.
On Friday, Mr Abbott unveiled his commitment to finalising negotiations before a gathering of business chiefs in New Delhi.
"There has never been a better time to revitalise a friendship that has usually been warm but has often been underdeveloped," he told the forum.
"We both need to be more ambitious."
However, the 2016 deadline could be easier said than done.
Talks towards a comprehensive agreement with India began under the Gillard government in 2011.
It was hoped a broad deal could boost exports to India by addressing India's tariff rates and trade barriers, which are among the highest in the world.
India's protectionist policies have resulted in it being excluded from the US-led Trans-Pacific Partnership agreement and the Asia-Pacific Economic Co-operation forum.
There's speculation this could change, as India's newly elected prime minister, Narendra Modi, promises to reboot his country's stalling economy through free market reforms.
Mr Abbott has lamented that little progress has been made towards finalising an agreement, saying the talks have been "spluttering along".
But he says a free trade agreement with China by the end of the year remains his government's top economic priority.
China is Australia's No.1 economic partner, and two-way trade reached $150 billion last year.
Trade with India is worth just one-tenth of this volume, but it remains Australia's fifth-largest export market.
The government has signed broad free trade agreements with Japan and South Korea - two of Australia's top three export partners - since being elected a year ago.
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