Australian Prime Minister Anthony Albanese on Monday (local time) wished India on its 75th Independence Day and lauded its achievements.

Wishing all those marking India's Independence Day a wonderful celebration, Albanese said in a statement, "All Australians applaud India's successes, and the many achievements that define this great country and its people. We also give thanks for the contribution of our Indian-Australian community to our society, to our culture, to our country, and to the links between our nations."

"The emergence of the world's largest democracy and the achievements made by independent India have been remarkable," Albanese further said in the statement.

"On the first Independence Day in 1947, when Prime Minister Jawaharlal Nehru called for his people to join with confidence in the adventure of their new independence, the world could not have imagined how profoundly India would heed his call," said the Australian PM.

Recalling his first act as PM of Australia, he said that he met Prime Minister Narendra Modi in Quad summit in Tokyo.

"I have fond memories of my travels to India, and remain strongly committed to deepening our partnership in the spirit of respect, friendship and cooperation. My first act as Prime Minister was to attend the Quad summit in Tokyo, where I met with Indian Prime Minister Modi.

Together, with Japanese Prime Minister Kishida and US President Biden, we reinforced our commitment to advancing the Indo-Pacific's needs," said the Australian PM.

He also said that Australia and India are Comprehensive Strategic Partners and highlighted Australia-India Economic Cooperation and Trade Agreement signed this year.

"As Comprehensive Strategic Partners, Australia and India are committed to growing bilateral cooperation. This year's Australia-India Economic Cooperation and Trade Agreement will further support opportunities for mutual growth and prosperity," he said in the statement.

India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) signed on April 2 offers obvious economic benefits. Annual bilateral trade is expected to almost double from USD 27.5 billion in 2021 to about USD 45 billion or USD 50 billion in the next five years. The deal eliminates tariffs on over 85 pc of Australian exports to India, rising to 91 pc in a decade while 96 pc of Indian goods entering Australia will become duty-free.