Explanation:

The Belt Road initiative aims to connect and boost trade between Asia Africa and Europe only and Australia is not a part of it.
The CPEC connects Gwadar with Xinjiang and it passes through PoK thereby raising security concerns for India.
 The 'Silk Route Economic Belt' and '21st Century Maritime Silk Route' are part of the Belt Road initiative

The Asia-Africa Growth Corridor is an India-Japan economic cooperation agreement aimed at the socio-economic development of Asia and Africa. The vision document for AAGC was released by India in the 2017 African Development Bank meeting.
The aim of the Asia-Africa Growth Corridor is to develop infrastructure and digital connectivity in Africa through Indo-Japan collaboration. It will envisage a people-centric sustainable growth strategy by engaging various stakeholders. The priority areas will be health and pharmaceuticals, agriculture and agro-processing, disaster management and skill enhancement.
The joint declaration on AAGC is being seen as a masterstroke of geopolitics in this region, as it apparently counters China’s Belt and Road Initiative which India has blatantly snubbed owing to sovereignty issues.
The Asia-Africa Growth Corridor is to be based on four pillars:

• Enhancing capacity and skills.
• Quality Infrastructure and Institutional Connectivity.
• Development and Cooperation Projects.
• People-to-People partnership.