SYDNEY: More than 21,000 people from all over Australia were in attendance as Modi made his comments while speaking at a community event at Sydney's Qudos Bank Arena.
Anthony Albanese, the Australian prime minister, also attended the occasion.
The 3Cs used to characterise India and Australia's relationship, according to Prime Minister Modi. These three were called Cricket, Commonwealth, and Curry.
"After that, it was 3Ds. Democracy, Diaspora, and Dosti! Then it became 3Es, it was all about Energy, Economy, and Education. But the truth is that the actual depth of the relation between India and Australia transcends these C, D, E..." Modi said.
"The strongest and biggest foundations of this relation actually are mutual trust and mutual respect, and the real reason behind this is Indian diaspora," he added, amid big applause and chants of Modi-Modi.
The Indian Ocean, according to Modi, unites India and Australia despite their geographical separation."No matter how different lifestyles are in both countries, Yoga connects us! Cricket is something which has kept us connected for ages...and now tennis and movies are other connecting bridges," he said.
"The more interesting the competition on the cricket field, the deeper our friendship off the field," he added, amid applause.
According to Modi, the death of Australian spin bowler Shane Warne grieved millions of Indians.
Modi acknowledged that the IMF views India as the world economy's linchpin but asserted that India is the only nation that is surviving the current economic headwinds, according to the World Bank.
India "has made record exports even in the most difficult times," he claimed, adding that India does not lack resources or skill.
India currently has the largest and youngest talent factory in the world. The opening of an Indian consulate in Brisbane was also announced by Prime Minister Modi, addressing a long-standing demand among the diaspora.
Modi praised his colleague in Australia for helping him lay the cornerstone for the Sydney district known as "Little India."
As he welcomed Modi to the community function, Australian Prime Minister Albanese made the declaration designating Harris Park as "Little India."The Indian community in Western Sydney gathers in Harris Park to celebrate holidays and occasions like Diwali and Australia Day.
"Thank you my friend Anthony," Modi said during the community event.
"I thank the premier of New South Wales, the Mayor and Deputy Mayor of the City of Parramatta and Councillors for this special honour," he said.
When Modi and Australian Prime Minister Anthony Albanese arrived at the venue earlier, they were greeted with Vedic chants and a customary Australian aboriginal ceremonial.
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