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Updated February 1st, 2024 at 13:49 IST

Budget 2024: India-Middle East-Europe Corridor is a Gamechanger; Here's Why

The corridor will have a comprehensive infrastructure network, including a rail link, an electricity cable, a hydrogen pipeline, and a high-speed data cable.

Tanisha Rajput
India-Middle East-Europe Economic Corridor
Announcement of India-Middle East-Europe Economic Corridor in New Delhi | Image:Wikipedia
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New Delhi: Union Finance Minister Nirmala Sitharaman on Thursday during her interim budget speech said that the recently unveiled 'India-Middle East-Europe Economic Corridor (IMEC) will be a 'strategic and economic game-changer' in the coming years for India.

She further reiterated Prime Minister Narendra Modi's statement on the corridor saying that it would soon become the basis of world trading for centuries.

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Sitharaman said, "The recent India Middle East Europe economic corridor is a strategic and economic game changer for India and others. In the words of the Prime Minister, the corridor and I quote, the corridor will become the basis of world trade for hundreds of years to come and history will remember that this corridor was initiated on Indian soil."

“Global affairs are becoming more complex, globalisation is being redefined with reshoring, disruption and fragmentation of supply chains and competition for critical minerals and technologies. A new world order is emerging,” she added.

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Furthermore, during her address at the Lok Sabha, the finance minister added that the vision for Viksit Bharat is that of a 'prosperous Bharat' in harmony with nature with modern infrastructure and providing opportunities for all citizens.

What is the project and when was it launched?

The India-Middle East-Europe Economic Corridor (IMEC) project was announced by Prime Minister Narendra Modi in September 2023. It will involve India, West Asia, and Europe in the future.

This is a rail and shipping corridor, a part of the Partnership for Global Infrastructure Investment (PGII), a collaborative effort by G7 countries to fund infrastructure projects in developing nations. 

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The corridor will have a comprehensive infrastructure network, including a rail link, an electricity cable, a hydrogen pipeline, and a high-speed data cable. 

As per the news agency AP, there are 3 major reasons for proposing this corridor. Firstly, it is expected to boost prosperity among the involved countries by enhancing the flow of energy and digital communications. Secondly, the project aims to address the ‘lack of infrastructure’ necessary for growth in the lower-and middle-income nations. And lastly, it is expected that this corridor will contribute to reducing tensions and insecurity in the Middle East, by providing a potential stabilising factor for the region.

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Published February 1st, 2024 at 13:30 IST

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