The process to grant environment clearance to Indian companies that have bought mining assests in Australia is on, Energy Minister Martin Ferguson has said.
GVK group had acquired a stake in Hancock coal mines for $1.26 billion, whereas the Adani group had acquired the Galilee Basin mines in Queensland and has commenced mining exploration programme.
On whether the reports of the two Indian companies facing any environmental clearance issue were true, Ferguson said that every project had to undergo through environmental and other clearances.
"Those processes are underway. That's the nature of our view...That you can have sustainable minning which also protects the mining," Ferguson told PTI.
An Inaugural Ashoka medal award, institued by AIBC- Victoria and AII, was given to Ferguson last night for his outstanding contribution made towards the two sides relations.
Speaking on the occassion, Ferguson said the relations with India were important and India was the fifth largest trade partner with total trade at over $17.8 billion. Resource and energy were the cornerstone of the two sides relations from the economic prespective, he stressed.
He disclosed that India was also one of the largest foreign participants in Australia's resource market. Ferguson said Indian companies were upbeat about Australia and were keen to invest in the country.
"Indian companies see Australia as a good place to invest with the opportunity to get full return for their investment made by the shareholders," he said.
The minister who also holds Tourism portfolio, referred to sectors like education and tourism which he said will also become focus of growing the trade relations.
"India is a growing market. We are very shortly launching a new report on Tourism Australia in terms of how there are opportunities available to strengthen the relationships between the two sides from Tourism prespective."
India-Australia bilateral trade is in a buoyant phase. It has been growing at 20 per cent for the past five years. Rising from 8 billion Australian dollar in 2008, it has touched AUD 23 billion.
The two sides have set their next target to double it in the coming five years, to touch AUD 40 billion.
Driving this growth is the surging Indian investment in Australia's resources and the growing basket of traded items. Ferguson said many Indian companies were also upbeat about investing in Australian coal market.