India is home to more than 7,000 millionaires whose fortunes amount to nearly $1 trillion, data from global wealth intelligence firm Wealth X shows.
Combined with $465 billion held by Indian nationals living outside their home country, the total is roughly equivalent to the size of Australia's entire economy.
Analysts speculate that within five years, India could have pumped as much as $30 billion into Australia.
The new Australian visas will target individuals who invest at least A$5 million in certain assets, such as infrastructure government bonds, in return for concessions on the usual migration requirements including qualifications and English skills.
Such immigration schemes tend not only to bring much-coveted long-term investment, but also contribute to economic growth and job creation.
Indian nationals seem well-placed to benefit from the programme. India has become Australia's biggest source of migrants, including a large number of IT entrepreneurs.
"Many of them are very interested in exploring the path to permanent residency," said Mark Wright, immigration leader partner at Deloitte Australia.
Image: Billionaire Gautam Adani, who bought a coal mine in the Australian state of Queensland.