Union Commerce and Industry Minister Piyush Goyal revealed that India is in “deep negotiations” with Australia to construct 1 million homes, a project estimated at $500 billion. Speaking at a CII event in Mumbai, he said India has also reached out to the UAE for potential funding support.
Training Indian Workers in Australia
According to Goyal, the proposal involves training Indian workers in Australia to acquire the necessary skills and certifications to meet local housing standards. This move could not only help address Australia’s housing shortage but also create a new pathway for skilled Indian workers to gain international experience.
Housing Crisis in Australia
Australia is currently grappling with a significant housing shortage, with demand far outstripping supply due to high property prices. Housing affordability was a major issue during the country’s recent national elections. The proposed India-Australia collaboration aims to bridge this gap while opening up large-scale employment and trade opportunities.
UAE Partnership for Financing
Goyal added that India has also initiated discussions with the United Arab Emirates (UAE) to co-finance the massive housing project. He emphasized that such global opportunities are rare and must be seized promptly, warning that missing out would be India’s loss.
Expanding Trade Horizons
The minister also touched upon India’s free trade negotiations with multiple nations. Talks with Australia are ongoing, alongside efforts with the United States, Oman, New Zealand, and the European Union. He noted that an India-EU trade pact could be concluded by year-end, potentially unlocking access to the $17 trillion EU market.
India’s Strategy Amid US Tariffs
Despite facing a 50% tariff from the US on Indian goods, Goyal assured that India would remain undeterred, focusing on new markets and aiming for exports over $825 billion in FY25. Engagements with countries like Chile, Peru, South Africa, and Eastern Europe are also being fast-tracked.
Conclusion
The proposed Australia housing project highlights India’s growing role as a global solutions partner—combining manpower, skills, and financing partnerships. If finalized, this venture could mark one of India’s most significant overseas collaborations, while boosting employment and trade.
