As per the agreement, Australia will share its national hydrological modelling platform called source.
In October 2012, Australian Prime Minister Julia Gillard had announced a Water Science and Technology Partnership with India on one of the most important issues affecting both countries - water scarcity, a statement released here by the Australian High Commission said.
The technology and training package will enable IIT Delhi to become a centre of excellence for Source to assist central and state governments develop river basin plans to improve water management, it said.
EWater CEO Gary Jones and IIT Delhi Director R K Shevgaonkar signed the agreement at the Australian High Commission.
A consortium of Australian governments, universities and private sector organisations invested over Rs 1,600 crore (AUD 300 million) over 15 years to develop Source, the statement said.
The platform and related water modelling tools are improving the management of Australia's major river system - the Murray Darling River Basin, it said.