Budget 2024: India Middle East Europe economic corridor to be game changer, says FM Nirmala Sitharaman

Budget 2024: Union Finance Minister Niramala Sitharaman while presenting the Interim Budget 2024 said that recently announced India Middle East Europe Economic Corridor will be game changer for India.

“The govt will pay utmost attention to ensure development of eastern region and its people,” the finance minister said.

At the G20 Summit which took place in India last year in September, India, the US, UAE, Saudi Arabia, France, Germany, Italy and the European Union signed a Memorandum of Understanding (MoU) to establish the India-Middle East-Europe Economic Corridor. On India-Middle East-Europe economic corridor including shipping and railway links will be launched soon. The first-of-its-kind economic corridor will be a historic initiative on cooperation on connectivity and infrastructure.

Coming back to the Nirmala Sitharaman’s speech, she also noted that the International Financial Services Centres Authority (IFSCA) has created a robust gateway for flow of overseas capital.

She also said that the government will take up next-generation reforms to facilitate growth and the next five years will be of unprecedented development and golden moments to realise the dream of developed India by 2047.

She also outlined the strategy for ‘Amrit Kaal’ while presenting the interim Budget 2024-25.

The Finance Minister in her speech said that the global situation is becoming more complex and challenging due to wars and conflicts in different parts of the world. The Russia-Ukraine conflict and the Israel-Hamas war have disrupted the global supply chains, impacting trade.

The minister, while presenting the interim Budget, said that the new world order is emerging and India successfully navigated the global challenges in fuel and fertiliser price spike.

She also said that strengthening the financial sector in the country has helped make savings, credit and investments more efficient.

All forms of infrastructure are being built in record time, she said.

The government has also provided transparent, accountable, trust-based administration with a citizen-first approach.

(With inputs from PTI)

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