India-Middle East-Europe Economic Corridor to become the basis of world trade : PM Modi

NEW DELHI : The upcoming India-Middle East-Europe Economic 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, Prime Minister Shri Narendra Modi said on Sunday.

“You must be aware that when India was very prosperous, the Silk Route was a part of the discourse in our country and in the world. This Silk Route was a major medium of business and trade,” he said during his address in the 105th Episode of ‘Mann Ki Baat’. “Now in modern times, India has suggested another Economic Corridor in G20,” he added.

India, the US, United Arab Emirates, and Saudi Arabia have proposed to build shipping and railway links that will link Europe and the Middle East to India.

The plan is to create an economic corridor that links Middle-Eastern countries through rail links, which will then be connected to India through shipping lanes.

The project will also enhance connectivity, de-escalate conflict, and provide a counter to China’s ‘Belt and Road’ initiative.

Prime minister Modi also said that the grand hosting of G20 doubled the joy of every Indian, after the success of Chandrayaan-3.

“In this summit, India has proved the mettle of her leadership by making the African Union a full member of G20,” he said.

“The fascination towards India has risen a lot in the last few years and after the successful organization of G20, the interest of the people of the world towards India has grown further,” he added.

During the inaugural session of the two-day G20 Summit, held a fortnight ago, the African Union (AU) was granted permanent membership in the Group of 20 largest economies (G20) worldwide.

Over the past few years, India has actively established itself as a prominent advocate, highlighting the issues, difficulties, and aspirations of the Global South, particularly the African continent.

“More than one lakh delegates came to India for G-20. They got acquainted with the diversity here; different traditions, different types of cuisines and our heritage,” Modi said.

“The wonderful experiences that the delegates who came here have carried back with them will further expand tourism,” he added.