A deal has been struck between prime minister Tony Abbott and Narendra Modi, following extensive negotiations.
The ailing Australian uranium industry has been provided with a significant boost with the announcement the country has reached an agreement with India regarding the export of the nuclear material.
Struck following extensive negotiations between Canberra and New Delhi, the agreement will allow producers such as BHP Billiton and Energy Resources of Australia to access the rapidly expanding market.
Australian prime minister Tony Abbott was the first leader to make a full state visit to the country since Narendra Modi's election in May, highlighting the growing importance of strong economic links between the two nations.
Trading between the countries has tripled over the last ten years and amounted to AUS$15.2 billion (£8.78 billion) last year, with Indian demand for commodities such as coal increasing significantly.