Businesses and researchers from India and Australia are hoping innovation and cooperation in research and technology will lead to long-term economic growth.
Australia has a history of world leading innovations, while India, a country with one of the largest concentrations of scientists and engineers, does poorly on conventional indicators for measuring the level of innovation.
Key figures from industry, universities and research bodies came together in New Delhi recently to push the process forward.
Amit Kumar, an expert on energy-environment technology, has told Radio Australia's he is looking forward to the partnership.
"Many of the Australian universities are the pioneers in innovative research," he said.
"The technologies that have been developed there especially in solar and smart grids is what we are looking forward to, so I think this kind of interaction will try to bridge those gaps that are there." The Australia-India Strategic Research Fund, a major bilateral initiative co-funded by both governments is now offering scientists collaboration opportunities.
This jointly administered fund has supported more than 90 joint research projects, involving more than 100 leading Australian and Indian universities and research institutes since its inception in 2006.
Professor Thomas Kvan of the University of Melbourne says some of the areas include planning of cities, biotechnology, energy and mining - areas Australia has strong interest and expertise in.
"We are looking at growing cities again not on the scale you are looking here, but at the strategies...we are interested in are many of the strategies you are interested here," he said.
"For example, [for] the Delhi metro system, the installation of infrastructure is a key issue and Melbourne is having a discussion about how to develop the transportation system and the choices we have.
"So while the contexts are not identical, we can learn from the decisions that are made, the strategies being followed and the implementation and from that we can learn from each other." The pace of research activity in India has picked up, with emerging leadership in several research areas, especially chemistry and, to a lesser extent, engineering, biology and biotechnology.
Dr Chetan Chitnis, who has has 3 patents pertaining to malaria vaccines, says collaboration between the two countries can make a huge difference.
"There are some big challenges we have to address in the areas of health and agriculture," he said.
"The more minds we get together, and the more resources and expertise we can get to apply on problems - huge problems like malaria, dengue in India and other problems in other parts of the world - I think the two countries together can make a huge contribution." Currently two-way trade is over $US21 billion and it is hoped that will double by 2016.
Former cricket captain turned businessman Steve Waugh says innovation is the key.
"If you stay still for too long and pat yourself too often you are going to fall asleep," he said.
"You have to be ready to do things differently and think outside the box."