Prime Minister Anthony Albanese and the Indian leader hosted a group of cricket and AFL representatives, including former Test captain Steve Waugh, at the MCG on Friday, the final day of Mr Modi's visit to Melbourne.
The visit was used to reveal cricket's Big Bash League will be played in India for the first time in December as part of a wider delegation of Australian trade and business on the subcontinent.
The T20 match will start a week-long G'Day Namaste festival of Australian and Indian sport, culture and business.
A delegation led by the Business Council of Australia will attend the event to strengthen trade ties in the region.
Mr Albanese said Australia and India would share a road map for sport co-operation, with Australia hosting the 2032 Olympics and India staging the 2030 Commonwealth Games.
"This road map will support practical co-operation in areas such as sports science and staging major sporting events, as well as broader opportunities in trade, tourism and investment," he said.
"There is a decade of opportunity ahead of us for more friendly rivalry, serious contests and increased co-operation right across the board."
Mr Modi said the sports partnership would bolster the bond between the two countries.
"We will strengthen our partnership both on the field and off the field as well," he said.
"Through this initiative, we will deepen co-operation not only in cricket, but across a wide range of sports. We will work together in sports training, sports science and sports technology."
The MCG event capped off a three-day visit by the Indian leader, with more than 30,000 people packing Melbourne's Marvel Stadium on Thursday to hear Mr Modi, who told the crowd the spirit of India was alive in Australia.
''The Indianness within you has always endured and been kept alive,'' he said.Â
Mr Modi pointed to community markets across Melbourne and Australia being enlivened by the colour and spirit of India.
"We Indians are like that - just as when sugar is added to milk, it makes the milk much sweeter," he said.
"The milk is bought from Australia, however the tea is made the Indian way."
Ranjai Raghu, who moved to Australia from India about 20 years ago, compared the atmosphere in the stadium to a cricket match, saying she felt opinions on Mr Modi among the diaspora were mostly positive.
''There's been a very big change in India and India's relationships with other countries during his term,'' she told AAP.
''We support that co-operation.''
Foreign Minister Penny Wong said ties between Australia and India were critical for peace in the broader region.
"India is such an important power in the world, and our relationship with them matters to stability in the Indo-Pacific. But it certainly was a big party last night," she told Nine's Today program on Friday.
"This really capped what has been a landmark week in Australian foreign policy."
The visit by Mr Modi coincided with the two countries signing a deal to export Australian uranium to India following a decade of delay over concerns the fuel could be used for weapons.
Resources Minister Madeleine King said the uranium deal was significant.
"What is really important is that it cements the relationship, but also it makes sure Australia and India maintain that connection through energy security, and that's exactly what we want to do," she told ABC Radio.
"What we want for Australia to be, and remain, indeed, is a reliable partner in the energy security of our region."
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