The two sides signed six MoUs, including on cooperation in fighting global terrorism and on civil aviation security.
Along with the first bilateral maritime exercise, the two countries are expected to have their maiden military exercise in 2018.
While the prime ministers agreed to reignite stalled talks on a formal trade deal, Mr Turnbull said it was encouraging partnerships were growing.
"Both countries remain strongly committed to the breadth of their defence ties, including through ongoing annual staff talks for army, navy and air forces", it stated.
After taking a metro ride, Prime Minister Narendra Modi along with his Australian counterpart Malcolm Turnbull paid a visit to the famous Akshardham temple in New Delhi on Monday evening.
"They asserted that the fight against terrorists, terror organisations and networks should also identify, hold accountable and take strong measures against all those who encourage, support and finance terrorism, provide sanctuary to terrorists and terror groups, and falsely extol their virtues", the statement said.
The two sides "expressed their support for peace, stability, prosperity, security and integrity of Afghanistan", stressing the need for "early peace and reconciliation through Afghan-owned and Afghan-led process" and calling for "ending external support for terrorism".
To build "deep strategic partnership", two countries will hold "inaugural secretaries" defence and foreign affairs dialogue in the "2+2' format, the statement said".
Mr. Modi welcomed the passage of the Civil Nuclear Transfers to India Act in the Australian Parliament, opening up opportunities for Australia to support Indian energy generation.
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The judges only had spectacular things to say about the performance, with Bruno even describing Normani as a "Rumba Dominatrix". Well done", and Julianne said she had been "waiting for this emotion to come out", since gymnasts try not to show emotions.
Australia is also seen to be important for India's diplomacy, as the latter tries to boost its maritime links and presence in the Indo-Pacific region, against the backdrop of an increasingly assertive China.
On the economic front, Turnbull informed Modi that Australia would commission an India Economic Strategy to define a pathway for the Australian business community to collaborate with India on its reform agenda.
The centrality of education to the bilateral relationship has not been lost with Australia being home to more than 60,000 Indian students.
They also agreed to speed up the much-delayed negotiations on the proposed Comprehensive Economic Cooperation Agreement.
Modi and Turbull also jointly inaugurated through video-conferencing the TERI-Deakin Nanobiotechnology Centre in Gurugram, set up by India's TERI and Australia's Deakin University.
The Australian prime minister also congratulated Modi on his leadership in setting up of the International Solar Alliance and announced that Australia intends to join the alliance.
Turnbull also invited elite Indian sports teams to train in Australia ahead of the 2018 Commonwealth Games in the Gold Coast.
The two leaders also chose to deepen efforts to "deter and disrupt" human trafficking, including to ensure the return of persons, subject to verification by Indian and Australian authorities.
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