The India-Middle East-Europe Economic Corridor, for which a Memorandum of Understanding was signed on Saturday, is a zero-commitment project for India, top government sources told CNN-News18.
The project will give a major boost to electricity, trade, infrastructure and routes to world economies which will be beneficial for India.
The sources added that the Narendra Modi government has ensured during negotiations that “India gets maximum out of the project so that we connect to the world without much investment”.
They said connectivity is priority for India and “this will complete our motto of One Earth, One Family, One Future”.
The Modi government had assigned the negotiation task to NSA Ajit Doval and as per sources, the Centre was clear that the project should not compromise India’s security at any cost.
The new economic corridor, which many see as an alternative to China’s Belt and Road Initiative, was jointly announced by the leaders of the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union on the sidelines of the G20 summit.
The corridor comprises an eastern corridor connecting India to the Gulf region and a northern corridor connecting the Gulf region to Europe, the Ministry of External Affairs (MEA) said, adding it will include a railway and ship-rail transit network and road transport routes.
Modi and US President Joe Biden co-chaired the special event on Partnership for Global Infrastructure and Investment (PGII) and India-Middle East-Europe Economic Corridor (IMEC).
In his remarks at the event, PM Modi also stressed on promoting financial viability rather than debt-burden as well as on following all environmental guidelines in connectivity projects and said India does not limit connectivity to regional borders as it believes that connectivity can play a key role in strengthening mutual trust.
“The event aimed at unlocking greater investment for infrastructure development and strengthening connectivity in its various dimensions between India, Middle East and Europe,” the MEA said.
Along the railway route, participants intend to enable the laying of cable for electricity and digital connectivity, as well as pipe for clean hydrogen export.
This corridor will secure regional supply chains, increase trade accessibility, improve trade facilitation, and support an increased emphasis on environmental social, and government impacts.
The launch of the initiative was hailed as “historic” by leaders of all participating nations, including the co-chairs Modi and Biden.
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