Australia's Minister for Resources and Energy Martin Ferguson, terming India as one of the largest markets for energy, said both the countries should "maximise" the resource base to benefit each other.
Addressing the fourth Australia-India Roundtable here, Fergusan said India Inc can exploit the opportunities in that country in coal and natural gas sectors.
"The more immediate issue pertaining to India is its energy needs. To actually continue on the projected growth path of 8.3 per cent, you need continuous supply of affordable clean energy," he said.
On export of uranium to India, Ferguson said the historic policy change by Australian Labor Party in December 2011 for supply of the yellowcake to India was of major symbolic importance.
Asked when Australia will actually start exporting uranium to India, he said it can be decided once both the governments complete their negotiations on the issue. The ruling Labor party in December last year had decided to overturn a decades-old ban on uranium sale to India.
Quoting the World Energy Report 2012, Ferguson said energy demands are set to rise globally by one-third by 2035 out of which 65 per cent will be required by Asia. "India's energy needs by 2035 will be double from what it was in 2010 and it will be the third largest energy consumer by then surpassing Russia." (More)