India-Middle East-Europe Economic Corridor Game Changer for India and Others
| IOP Desk - 01 Feb 2024

IOP News Desk

New Delhi, Feb 1, 2024: Nirmala Sitharaman, the Union Minister for Finance & Corporate Affairs, emphasized the significance of the recently announced India-Middle East-Europe Economic Corridor as a strategic and economic game changer for India and other countries.

During the presentation of the Interim Budget 2024-25 in Parliament, the Minister quoted Prime Minister Shri Narendra Modi, who stated that this corridor would serve as the foundation of global trade for centuries to come, with its initiation on Indian soil being remembered by history.

Nirmala Sitharaman highlighted the increasing complexity and challenges in global affairs, including wars, conflicts, and the redefinition of globalization through reshoring, friend-shoring, supply chain disruption, and competition for critical minerals and technologies.

She also mentioned the emergence of a new world order after the COVID-19 pandemic.

The Minister acknowledged that India assumed the G20 Presidency during a difficult period for the global economy, characterized by high inflation, high interest rates, low growth, substantial public debt, sluggish trade growth, and climate challenges.

Despite these circumstances, India successfully navigated through the crisis of food, fertilizer, fuel, and finances, providing solutions and building consensus on global problems.

Regarding investments, Nirmala Sitharaman highlighted the significant Foreign Direct Investment (FDI) inflow of USD 596 billion from 2014-2023, marking a golden era. This amount is twice the inflow observed from 2005-2014.

In order to encourage sustained foreign investment, the Minister mentioned ongoing negotiations for bilateral investment treaties with foreign partners, aligning with the principle of prioritizing India's development.

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