Also, the two leaders are expected to examine the situation in the so-called Indo-Pacific region, the Press Trust of India news agency reported.
The Australian Prime Minister arrived in New Delhi on Thursday afternoon after completing engagements in the cities of Ahmedabad and Bombay.
Modi and Albanese witnessed a cricket match between India and Australia in Ahmedabad.
The Australian ruler visited Mumbai where he attended the India-Australia CEO Forum.
Before starting his visit to India, Albanese said that a stronger partnership between the two nations is good for regional stability and means more trade and investment.
This is his first visit to India, having assumed the senior post in May last year, and it comes after a series of high-level engagements and exchanges of ministerial visits between the two parties in 2022 and 2023.
Foreign Minister Subrahmanyam Jaishankar traveled to Australia on February 18, while his counterpart Penny Wong visited New Delhi from February 28 to March 3.
Bilateral economic ties are increasing and the Economic Cooperation and Trade Agreement (ECTA) came into force in December 2022, marking the first free trade agreement that India has signed with a developed country in a decade.
ECTA resulted in an immediate reduction in tariffs to zero on 96% of Indian exports to Australia by value and zero tariffs on 85% of Australian exports (by value) to India.
Bilateral trade totaled $27.5 billion in 2021, with Australia as India’s 17th trading partner, while the South Asian nation is the sea state’s ninth partner, according to official figures.
Bilateral trade in ECTA is expected to reach around $50 billion in five years.
India is also a major source of skilled immigration to Australia, where its diaspora continues to grow in size and importance.
Cooperation in education is also on the up and both parties have signed a mechanism for mutual recognition of educational qualifications, which aims to facilitate student mobility between the two countries.
More than 100,000 young Indians are pursuing higher education in Australia, making them the second largest group of foreign students.
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