"Great to speak with Narendra Modi today to congratulate him on his election victory. Australia and India are close friends, with strong strategic, economic and cultural ties. We look forward to growing our partnership in 2024 and beyond," Albanese posted on X after the phone call.

Having placed India at the heart of Australia's approach to the Indo-Pacific and beyond, the Albanese government continues to deepen the multifaceted Comprehensive Strategic Partnership between the two countries.

Albanese has repeatedly emphasised that there are enormous advantages and real opportunities for Australian business as India stays on course to become the third-largest economy in the world in the coming years.

Earlier this week, IANS reported that the Australian government has invited public submissions as it prepares a new roadmap for the country's closer economic engagement with India.

The roadmap will not only take stock of Australia's existing economic initiatives with India, but also explore innovative ways of doing more together.

"There has never been a better time to engage economically with India: already the most populous country in the world, India's economy is growing at pace. In 2023 India was our fourth-largest export market and is on track to be the world's third-largest economy by the end of this decade. Australia is well positioned to both benefit from and contribute to India's growth story – if we target our efforts wisely," stated Australia's Department of Foreign Affairs and Trade (DFAT).