Australian exporters will have trade taxes cut twice this week as the Indian free trade agreement comes into effect.
The first round of tariff cuts takes place on Thursday, with a second tranche coming in on Sunday.
It gives Australian businesses greater access to India's 1.4 billion people-strong market just ahead of the new year.
More than 85 per cent of exports to India - including wool, meat, barley, lobsters, cosmetics and critical minerals - had tariffs entirely cut from Thursday.
Tariffs on a further five per cent of goods will be tapered down to zero over the next six years.
Australian tourism is also set for a boost with 1000 work and holiday program places available to young Indian travellers.
Australia's independent skills training and higher education sectors have welcomed the agreement, saying it presents great opportunities for businesses in the sector by boosting access.
The Independent Tertiary Education Council Australia says increased access to India's education market will help develop collaborative relationships.
"There are strong economic and societal benefits for Australia through improved access to the adult Indian education sector," chief executive Troy Williams said.
The council's 2022 state of the sector report found Indian students make up the largest number of enrolments for independent higher education providers, with more than 18,000 students.
Mr Williams said the boost to the sector would help with the recovery from the COVID-19 downturn.
Trade Minister Don Farrell says the two nations are natural trading partners.
"This agreement will unlock the enormous potential in our trading relationship," he said.
He said the agreement would help diversify exports and strengthen the bilateral relationship.
A free trade agreement with Britain has also been ratified by Australia and is awaiting the UK's parliamentary process to come into effect in early 2023.
