As Australia's relationship with Indonesia falters, the country fortifies friendship with India as it supports India's membership to the Nuclear Supplier's Group.

Both countries signed an agreement for Australia to sell its uranium to India. Australia is known to own one of the largest uranium reserves globally.

Foreign Minister for Australia, Julie Bishop, said that the nuclear agreement with India was done in good faith and that Prime Minister Tony Abbott had granted the selling of uranium to India.

In the next few decades, India is intending to increase its nuclear power component to 25 per cent with all the energy sources (nuclear power generation capacity to 20,000 megawatts by 2020). Fortunately, NSG members - U.S., UK, France and Russia - had also agreed to sell India their civilian nuclear technology.

Australia and India are also in talks about beginning a free trade agreement. Ms Bishop said that if the free trade agreement ensued, it will be beneficial both for Australia and India.

Salman Khurshid, external affairs minister for India, said that both parties agreed to Mr Abbott visiting India by 2014 to start negotiations on a free trade agreement.

Both countries also entered a mutual agreement to increase air connectivity with Air India which is slated to begin offering direct flights to Sydney and Melbourne. On the other hand, Air Australia will also be launching direct flights to India.

Mr Khurshid said that his country is looking forward for more and stable business relations with Australia. He said that many Indian companies plan to invest in Australia.

As for security cooperation, navies from India and Australia are scheduled to hold joint exercises. Both countries also agreed for cooperation for counter-terrorism and cyber security.

Australia is also opening its arms to Indian students who want to pursue higher education. The Abbott government had opened a new programme which allows Indians to work as an intern with any business company in Australia.

During the joint press conference, Mr Khurshid was asked if India fears being spied on by Australia as it what it allegedly did with Indonesia.

Mr Khurshid expressed optimism.

"We have trust, we have a very fulsome working relationship. I do understand that periodically between nations issues arise and are sometimes blown out of proportion, sometimes based on the act of an individual, sometimes on systemic failures, but... it is for nations bilaterally to settle these issues. We know each other and will work together for a better future for our respective people," Mr Khurshid said.