"India will hold @makeinindia_ show in Australia in 2015," a tweet from the PMO said after Prime Minister Narendra Modi met his Australian counterpart Tony Abbott in Canberra.
In a joint statement, Modi said that "economic climate in India has changed" and that it was lot easier now to "convert opportunities into concrete outcomes".
Calling Australia a natural partner, the prime minister said the two countries had "huge opportunities in every area we can think of".
"Apart from trade we also discussed energy security," he added.
Abbott said that India was one of the world's emerging superpowers and that it was the time to turn the warm friendship between the two countries into "something more meaningful."
India and Australia signed agreements after the talks including on social security, transfer of sentenced prisoners, combating narcotics trade, tourism and arts.