India to build 1M homes worth $500B in Australia
What's the story
Union Minister Piyush Goyal has announced that India is in "deep negotiations" with Australia to construct one million homes there. The $500 billion project could be financed by the United Arab Emirates (UAE). Speaking at an event organized by the Confederation of Indian Industry (CII) in Mumbai, Goyal said, "I am in deep negotiation with my counterpart in Australia to create one million homes."
Training initiative
Training workers in Australia
Goyal said that India plans to train its workers in Australia on the required skill sets for constructing homes as per local standards. He did not disclose details such as the project's location or India's exact role in it. However, he hinted at a partnership proposal with UAE Trade Minister Thani bin Ahmed Al Zeyoudi to fund this massive opportunity.
Trade negotiations
Free trade agreements with several countries
Apart from the Australia project, Goyal said India is negotiating free trade agreements with several countries. These include Australia, New Zealand, Oman and the European Union (EU). He said these countries are looking for opportunities from India and urged Indian businesses to seize them. "It's for us to grasp these openings. If we miss out, we will have only ourselves to blame," he added.
Ongoing negotiations
Talks with US to resolve tariff issues
Goyal also said India is continuing to talk with the United States to resolve issues arising from recent tariffs. He expressed confidence that India's exports will exceed $825 billion by FY25, despite these challenges. On other trade agreements, Goyal said he hopes for a balanced deal with Oman in two weeks and plans to sign an agreement with New Zealand in two months.
EU talks
EU deal could be concluded sooner
The minister said that an agreement with the EU, which is a $17 trillion bloc, could be concluded sooner. Union Commerce Secretary Sunil Barthwal will meet officials in Brussels tomorrow and Tuesday regarding this matter. Goyal also said India will finalize terms of reference for an agreement with Qatar during his upcoming visit there next week.