The India-Middle East-Europe economic corridor - which was unveiled at the G20 summit in September, seen by many as a counter to China's Belt Road Initiative - is a strategic and economic game changer, said Finance Minister Nirmala Sitharaman today as she presented the interim budget.
The corridor deal hopes to integrate India's vast market of 1.4 billion people with countries to the west, offer a counterweight to Chinese infrastructure spending, boost Middle Eastern economies and help normalise relations between Israel and Gulf Arab states.
"The recently announced India-Middle East-Europe Economic Corridor is a strategic and economic game changer for India and others. In the words of Hon'ble Prime Minister, 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"," said Ms Sitharaman.
The India-Middle East-Europe Economic Corridor will consist of two separate corridors, the East corridor connecting India to West Asia/Middle East and the Northern corridor connecting West Asia/Middle East to Europe.
It will include a rail line, which, upon completion, will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement the existing multi-modal transport routes enhancing transhipment of goods and services from South East Asia through India to West Asia/Middle East Europe.
"Our vision for 'Viksit Bharat' is that of "Prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential"," said the Minister.
The Minister underlined that the government is guided by the principle 'reform, perform, and transform'.