Union Minister Piyush Goyal has said that India is engaged in “deep negotiations” with Australia to construct 1 million homes, describing it as a $500 billion opportunity.

Speaking over the weekend, Goyal said,
"I am in deep negotiation with my counterpart in Australia to create 1 million homes. Does anybody want to do the maths? A million homes in Australia would be at least $500 billion opportunity."

He did not provide specifics on the exact locations of the homes, Australia’s planned investment, or India’s exact role in the project.

Goyal explained that India plans to send Indian workers to Australia, train them in local construction standards, and involve them in building the homes.

Reports indicate that a gap between housing supply and demand is driving high property prices in Australia, a key issue in the country’s recent elections.

UAE to join as financial partner

India has approached the UAE for financial support. During a meeting with a UAE trade delegation led by Trade Minister Thani bin Ahmed Al Zeyoudi, Goyal said,
"I talked to Thani to see if we can do a partnership to help us fund this massive opportunity."

He emphasized the importance of seizing global opportunities, saying,
"It's for us to grasp these openings. If we miss out, we will have only ourselves to blame."

Trade agreements and export plans

India and Australia are also negotiating a free trade agreement. Goyal noted that Australia has backed India after the US imposed 50% tariffs on certain goods.

He stressed that India will continue exploring new markets despite US tariffs and expects exports to exceed $825 billion in FY25.

Goyal provided updates on other trade deals:

  • A deal with Oman is expected in the next two weeks.

  • A pact with New Zealand is likely within two months.

  • Talks with the European Union, a $17 trillion economy, may conclude by year-end, with officials meeting in Brussels soon.

  • Agreements with Qatar, Chile, Peru, South Africa, and several Eastern European countries are also underway.

He highlighted ongoing efforts to accelerate trade agreements and said such partnerships will strengthen India’s position in global trade.