Understand what is India-Middle East-Europe Economic Corridor?
Union Finance minister Nirmala Sitharaman has also mentioned the India-Middle-East-Europe Corridor project in the government's interim budget speech. He said that this project has not only proved to be a game changer for india, but has also increased India's influence across the world. In such a situation, let us understand in detail in this report what is India-Middle East-Europe Economic Corridor. What impact will this have on india and how will india benefit from this scheme?
When and why did it start?
An important announcement was made in the G-20 summit held in india last year (2023). During this summit, these four countries india, european union, America and saudi arabia had announced to work together on a mega project. This project was named India-Middle East-Europe Economic Corridor. This project was signed on 9 september 2023. During that time, indian Prime minister Narendra Modi had written on the social media handle X that the scheme will emerge as a symbol of India's development. Not only this, in a recent interview given to NDTV, External Affairs minister S jaishankar said that the India-Middle East-Europe Corridor is a game-changing idea for the coming 10 years.
What is this project?
The India-Middle East-Europe Economic Corridor scheme aims to connect the countries of the Middle east with india through railways and ports. After the construction of this corridor, shipping time, cost and fuel used during trade will reduce. Not only this, this corridor will help in trade flow from the gulf to Europe. Apart from this, the rail and shipping corridor will enable the countries involved in this project to produce more energy products and trade more. Before the announcement of this project, American official Finer had said that from America's point of view this agreement will reduce tension in the entire region and we feel that it will help in dealing with the conflict.
When and why did it start?
An important announcement was made in the G-20 summit held in india last year (2023). During this summit, these four countries india, european union, America and saudi arabia had announced to work together on a mega project. This project was named India-Middle East-Europe Economic Corridor. This project was signed on 9 september 2023. During that time, indian Prime minister Narendra Modi had written on the social media handle X that the scheme will emerge as a symbol of India's development. Not only this, in a recent interview given to NDTV, External Affairs minister S jaishankar said that the India-Middle East-Europe Corridor is a game-changing idea for the coming 10 years.
What is this project?
The India-Middle East-Europe Economic Corridor scheme aims to connect the countries of the Middle east with india through railways and ports. After the construction of this corridor, shipping time, cost and fuel used during trade will reduce. Not only this, this corridor will help in trade flow from the gulf to Europe. Apart from this, the rail and shipping corridor will enable the countries involved in this project to produce more energy products and trade more. Before the announcement of this project, American official Finer had said that from America's point of view this agreement will reduce tension in the entire region and we feel that it will help in dealing with the conflict.