Indian Prime Minister Narendra Modi and his Australian counterpart Scott Morrison, today held a virtual meeting.

The two leaders, during their hour long meeting discussed collaboration plans in areas such as critical minerals, water management and renewable energy.

The two countries agreed that the Ukraine crisis should not divert the Quad group's attention from the Indo-Pacific region.

India is the only Quad member that has not condemned Russia’s invasion of Ukraine. It has refrained from taking sides and abstained from voting against Russia at the UN or criticizing President Vladimir Putin. Analysts say India’s position stems from New Delhi’s reliance on Russia, which was a Cold War ally for energy, weapons and support in conflicts with its neighbors.

Modi and Morrison said they would also prioritize building economic relations and the Comprehensive Economic Cooperation Agreement for which negotiations first began in 2011. Talks on an interim trade deal were ongoing with the hope of reaching an outcome at the earliest, India’s foreign secretary Harsh Vardhan Shringla said at a press briefing after the virtual summit.

To discuss the road ahead for India-Australia relationship, CNBC-TV18 spoke to Barry O'Farrell, Australia’s High Commissioner to India.

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With text inputs from agencies.