Budget 2024: What is game-changing India-Middle East-Europe corridor?

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1. Vision for Viksit Bharat:

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. Image credits: X

2. PM Modi's announcement: September 2023

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. Image credits: X

3. Partnership for Global Infrastructure Investment (PGII):

The rail and shipping corridor is a part of PGII presenting a response to China's Belt and Road Initiative. Image credits: X

4. Comprehensive infrastructure network:

The corridor entails an extensive infrastructure network showcasing its ambition to enhance connectivity and sustainable development. Image credits: X

5. European Commission President's Perspective:

European Commission President Ursula von der Leyen describes the corridor as "a green and digital bridge across continents and civilizations". Image credits: X

6. Objectives of the corridor:

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. Image credits: X

7. Countering China and stabilizing the Middle East:

The corridor is strategically significant in countering China's influence and providing a potential stabilizing factor for the Middle East. Image credits: X Find Next One