Also, medical technology companies such as Muranex, are on a lookout for Indian investments. Dr Maurice Fabiani, CEO and MD, Muranex says, "In India we are trying to tie up with the potential strategic partners to ally and raise investment capital. We are well aware that Indian market is doing quite well and has registered a lot of growth and experience over the passage of time. However, a bit more seems to be required at the regulatory front."

Complementary research benefits

India and Australia share challenges in areas such as agriculture, water, energy, and healthcare and have complementary strengths in other fields as well, including nanotechnology and astrophysics. There are a significant number of research collaborations between Australian and Indian universities, including programs at the University of Melbourne, Monash University, Queensland University of Technology, and Queensland Institute of Medical Research. (List of projects under Indi-Australia Biotechnology Fund)

A good example of successful research collaboration is Deakin India Research Initiative (DIRI), an expansion of Deakin University's ongoing development of research models to bridge the gap between academia and industry. This initiative plans to enable the rapid increase in manufacturing and knowledge industries which is needed for growing India's economy.

Under the DIRI model, higher degree by research (HDR) candidates are based at an Indian research institution with day-to-day supervision provided by a local researcher and a Deakin academic staff who serves as principal supervisor. The candidate visits Australia for a period of six months to conduct research. DIRI has been working with 13 Indian research partners, including companies such as Biocon, Indian Oil, Vimta Labs, and labs of Council of Scientific and Industrial Research.