Australian state Victoria is taking action to double the value of its annual goods export to India to AUD 1 billion over the next decade, it was announced on Tuesday.

Victorian Premier Daniel Andrews said the new plan focusses on doubling the number of Victorian businesses engaged in India from 150 to 300.

"Recognising India's economy as the third-largest and fastest growing on Earth, we believe that a close bond with India will be beneficial for both economies," Andrews said during the launch of 'Victoria's India Strategy'.

He described it as an ambitious blueprint aimed at growing exports to India, attracting more international students to enrol at Victoria's education providers and encouraging more people from India to experience what a visit to Victoria can offer.

Andrews said it is aimed at increasing the cultural exchanges between both India and Victoria.

It includes growing the number of Indian postgraduate research students in Victoria by 25 per cent and increasing the exchange between educational institutes of both the communities.