Melbourne: Finance Minister Arun Jaitley on Thursday met Australian Prime Minister Malcolm Turnbull in Canberra and apprised him of the immense scope for increasing economic ties between the two countries.
According to an Indian official source here, Jaitley extended an invitation to Turnbull to visit India.
Turnbull expressed his interest in cooperating with India in renewable energy, a sector where Australia has developed considerable expertise.
Jaitley arrived in the Australian capital on Thursday after a two-day visit to Sydney where he inaugurated a 'Make in India' conference.
The minister is scheduled to address the KR Narayanan oration series for this year at the Australian National University later on Thursday, the penultimate day of his visit to Australia.
Jaitley's speech will review the potential of the government's policy initiatives to stimulate financial inclusion and reduce poverty and create job opportunities through enhanced public participation.
The minister met Australia's Treasurer Scott Morrison in Sydney on Wednesday where he called for exposure of Australian future and super funds in India, according to the Indian finance ministry.
The release said Jaitley called for increased investment by Australian businesses in India for better returns, to which Morrison said Australia too was keen to further increase its investments in India.
Jaitley told Morrison that India was keen to learn from the Australian experience in implementing the Goods and Services Tax, a bill on which is currently stalled in Indian parliament.