"India poised to become world's third largest economy and a power in its own right."

What does India want? To be counted.

India is the world's fastest growing major economy. By 2050 it will be the planet's most populous nation.

As it attempts economic transformation, India needs everything from infrastructure to energy and education — the latter two imports which already dominate its trade with Australia.

But more than any material demands, what India wants is recognition — as a country poised to become the world's third largest economy, and a power in its own right.

As Malcolm Turnbull visits India for meetings with Prime Minister Narendra Modi and business leaders, he is talking up the "tremendous opportunity" the nation's growth represents for Australia.

Taken for granted?

When Indian and Australian politicians stand up to give speeches in each others' countries, you bet on hearing "India and Australia have much in common ...".

Perhaps. But "cricket, Commonwealth and curry" as an old adage went, is not how 21st century India sees itself, or its relationship with Australiaa. (Perhaps with the exception of wanting to remain the number one Test team).

India's Prime Minister Narendra Modi wants to make India a great power, one which commands international respect in its own right, not merely as a balance to regional rival China.

His path to this goal is India's burgeoning youth — he wants to train and skill them to make and do things which are globally valued, and in doing so lure foreign investment in India and transform the nation's economy.

"He [Prime Minister Modi] has changed the way Indians look at themselves," said Dr Anirban Ganguli, director of the Government-aligned think tank, the Dr Syama Prasad Mookerjee Research Foundation.

Emerging from postcolonialism

This might seem simple, but openly courting foreign investment the way Mr Modi has represents a significant shift in postcolonial India.

"Earlier, we were very ambiguous in this — 'should we, shouldn't we?' — and I think this was due to our colonial past," Dr Ganguli said.

"There's this national sense that we don't want to be exploited."

Following centuries of mercantilism under British rule, in 1947 newly-independent India turned away from trade, opting for a planned economy on the socialist principle of self-reliance.

Dr Ganguli says this explains India's notoriously bureaucratic restrictions on commerce and foreign investment, which only began to be dismantled in the 90s.

"So I think there was a lot of ambiguity, and it didn't allow us to clearly state, 'What is it that we want?' as you've asked me," he said.

For the Government to foster risk-taking entrepreneurship, provide incentives for start-ups and actively encourage foreign companies to set up shop in India is significant, he said.

Where does Australia fit?

Mr Modi's answer to the exploitation fear is to encourage skilled manufacturing and services — to move India's goods and services exports higher up the value chain from garments or call centres.

"[Prime Minister Modi] has used this term, 'human resource superpower,' in terms of economy and manufacturing," Dr Ganguli said.

"It is this young India, this new India which needs training, which needs opportunity.

"[There is] this huge emphasis on skilling the population — where Australia plays, or expected to play a great role."

Foreign students are a $20 billion business for Australia. Last year 61,000 Indian students headed Down Under, making Australia the second-most popular destination for Indians behind America.

Critical for Prime Minister Malcolm Turnbull and Education Minister Simon Birmingham is enabling Australia's institutions to reach further into India, where they can teach those who lack the means to study abroad.

Mr Birmingham said Australia's focus is now shifting to "how it is we can help Prime Minister Modi and the Indian government to skill some 400 million people by 2020".

Foreign educators are still not allowed to set up campuses under their own name in India, but partnerships and collaboration agreements are proliferating.

Mr Birmingham said Australia will make the case for easing restrictions.

"Enhanced mutual recognition of Australian qualifications as well as better access for Australian education and training providers into India, to help them meet their targets to build their capacity and their economy," he said.