India News
FM Sitharaman highlighted the significance of the India-Middle East-Europe trade corridor in her budget speech, emphasizing its potential impact on India and the global economy.
The project was launched by PM Modi in September 2023, involving key nations such as the UAE, Saudi Arabia, European Union, France, Italy, Germany, and the US.
The rail and shipping corridor is a part of PGII presenting a response to China's Belt and Road Initiative.
The corridor entails an extensive infrastructure network showcasing its ambition to enhance connectivity and sustainable development.
European Commission President Ursula von der Leyen describes the corridor as "a green and digital bridge across continents and civilizations".
The project aims to boost prosperity by facilitating the flow of energy and digital communications and address infrastructure gaps in lower- and middle-income nations.
The corridor is strategically significant in countering China's influence and providing a potential stabilizing factor for the Middle East.