India in talks to construct 1 million houses worth $500 bn in Australia: Piyush Goyal

Union Minister Piyush Goyal on Sunday said that India is in “deep negotiations” to create 1 million homes in Australia and has reached out to the UAE for financing the project.

The Commerce and Industry Minister said that this is a project worth $500 billion.

“I am in deep negotiation with my counterpart in Australia to create 1 million homes. 1 million homes. Anybody wants to do the maths? A million homes in Australia would be at least USD 500 billion opportunity,” Goyal said while speaking in Mumbai.

However, Goyal did not reveal the detail of the project like the location in Australia, the exact spending by Canberra on it, or India’s role in the project.

Goyal further said India is proposing to allow Indian workers to get trained in Australia on necessary skill sets required to build homes as per local standards and create the housing.

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As per some reports, there is discrepancy between demand and supply of homes in Australia due to high prices. Housing was also among the important issues in the recently concluded national elections.Goyal, while speaking about a meeting with a visiting trade delegation from the UAE, led by Trade Minister Thani bin Ahmed Al Zeyoudi, said he has also put forth a proposal for partnership to the Gulf nation.”I talked to Thani to see if we can do a partnership to help us fund this massive opportunity,” the Union Minister said.

Goyal added that countries around the world are looking for such opportunities from India and that they need to be grabbed.

“It’s for us to grasp these openings. If we miss out, we will have only ourselves to blame,” Goyal said, addressing the event organised by domestic industry grouping CII.

India-Australia free trade agreement

India and Australia are also in talks for a free trade agreement. Canberra has also backed New Delhi after being hit by 50 per cent tariff by the US.

Goyal said India is engaged in talks with the US to resolve “issues”. He also made it clear that India will be undeterred in the face of the US action and will find for newer markets for its goods, adding that the country’s exports will grow over the $825 billion in FY25 despite the tariffs.

Further, Goyal said he is eying a balanced and mutually beneficial deal with Oman in the next two weeks. “A pact with New Zealand will be signed in two months, which will most likely be followed up with an agreement with the European Union by the end of the year,” Goyal said.

The minister said the agreement with the EU, a $17 trillion bloc, could be concluded earlier, adding that Union Commerce Secretary Sunil Barthwal will be meeting officials in Brussels on Monday and Tuesday with regard to the same.

Pointing out that there is “continuous engagement” to “speedup and conclude” the trade agreement between the 27-nation bloc and the world’s fourth largest economy, Goyal said EU’s trade representatives are visiting India next month in the lead up to a ministerial visit from September 12.

India will also be finalising the terms of reference for an agreement with Qatar during Goyal’s travel to the country next week. He added that Chile and Peru in South America are “very keen to fast track” the engagement.

Add as a Reliable and Trusted News Source”South Africa is among the latest countries to evince interest in forging a trade pact with India”, Goyal said, adding that there is progress on similar pacts with Eastern European powers as well.



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