Economic Corridors

PM Modi holds talks with Greece counterpart to strengthen bilateral ties

Prime Minister Narendra Modi and his Greece counterpart Kyriakos Mitsotakis have appreciated the momentum in bilateral ties following recent high-level exchanges. An official statement said on Saturday that the two leaders reiterated their firm commitment to further strengthening the India-Greece strategic partnership. In his call to Modi, Mitsotakis warmly congratulated him on his re-election in the general elections. They reviewed the progress in a number of areas of bilateral cooperation, including trade, defence, shipping and connectivity, in a follow-up to Mitsotakis's visit to India earlier this year. The two leaders also exchanged views on various regional and global issues of interest, including the IMEEC (India-Middle East-Europe Economic Corridor) and developments in West Asia, the statement said.

US, UAE discuss progress on India-Middle East-Europe Economic Corridor

US President Joe Biden and his counterpart from the United Arab Emirates Sheikh Mohamed bin Zayed discussed the progress of the landmark India-Middle East-Europe Economic Corridor (IMEC) and underscored its potential to usher in a "new era of international connectivity". The ambitious project was launched at the 2023 G20 Leaders' Summit in New Delhi, together with the leaders of India, Saudi Arabia, France, Germany, Italy, and the European Union. When complete, it would connect India by ship-to-rail connections through the United Arab Emirates, Saudi Arabia, Jordan, Israel, and Europe through Greece. At the meeting held at the White House on Monday, Biden and Zayed reaffirmed that the corridor will generate economic growth, increase efficiencies, lower greenhouse gas emissions, and enable the transformative integration of Asia, Europe, and the Middle East, according to a joint statement. The two leaders underscored that the transformative partnership had the potential to usher in a

Special allocations of Rs 15000 cr made to AP in Budget after 5 years: TDP

The Telugu Desam Party (TDP) on Tuesday said "special allocations" were made to Andhra Pradesh in the Union Budget after five years, citing "commitments" announced for the Polavaram Project, industrial corridors and others. In a post on 'X', the ruling party noted that Rs 15,000 crore funds were allocated for the reconstruction of Andhra Pradesh in fiscal 2024-25. "Rs 15,000 crore for reconstruction of Andhra Pradesh this fiscal, additional funds for Polavaram (Project) lifeline, funds for Vizag Chennai Industrial Corridor this year and special funds for seven backward districts," said the party in the post. Presenting the Budget for 2024-25 in the Lok Sabha, Union Finance Minister Nirmala Sitharaman said that the NDA government at the Centre has "made concerted efforts to fulfil the commitments" in the Andhra Pradesh Reorganisation Act, 2014. Sitharaman said, "special financial support" will be facilitated by the Union Government through multilateral agencies. "Recognising the ..

Adani Group plans to invest $3 bn for global ports expansion in 3-5 years

Adani Ports aims to increase cargo traffic in the Middle East, Southeast Asia, Africa, and the Mediterranean through strategic acquisitions and partnerships over the next 3-5 years

Govt's 100-day road map: 700 km corridors, 3,000 km on cards road projects

Highway ministry said it has deliberated on 100-day plan for new government

India to sign 10-year agreement with Iran to manage Chabahar Port

Chabahar Port will serve as a vital link connecting India to Afghanistan, Central Asia, and the broader Eurasian region

Expect completion of 4 more smart cities, logistics park by FY25: NICDC CEO

Rs 23,000 crore investment mobilized in Delhi-Mumbai Industrial Corridor

China downplays rising frictions with neighbours, says BRI gaining momentum

China on Monday sought to play down increasing tensions with its Asian neighbours over the simmering South China Sea dispute and the eastern Ladakh border issue with India, saying its initiatives like BRI are gaining momentum and trade is booming with regional countries. China has given high priority to its neighbouring countries in its overall diplomatic work, Lou Qinjian, spokesperson for China's parliament - the National People's Congress (NPC) - said while answering a question on China's tensions with Asian neighbours including criticism that Beijing is turning the South China Sea dispute into dangerous flashpoint and the unresolved issues in the region. Lou said, all the countries in the Indo-China peninsula, Central Asia have committed to build a community with a shared future with China, a preferred phrase of Chinese President Xi Jinping to highlight the future of China and the rest of the world is interlinked. You mentioned the South China Sea. Let me stress that China will

Red Sea attacks add urgency to alternate Mideast trade route: Govt

India has taken the first steps with the UAE to begin work on the India-Middle East-Europe Economic Corridor, or IMEC, Sunjay Sudhir said in an interview in Abu Dhabi

China's anti-graft body to probe corruption in Belt and Road Initiative

President Xi Jinping's Belt and Road Initiative under which China doled out billions of dollars of investments will for the first time come under the scanner of the country's anti-graft body amid allegations of corruption and the projects turning into debt traps for small and medium countries like Pakistan and Sri Lanka. Fighting corruption related to the Belt and Road Initiative (BRI) will be among the priorities for the Central Commission for Discipline Inspection's work report for 2024 (CCDI), the ruling Communist Party of China's (CPC) powerful anti-graft body, the Hong Kong-based South China Morning Post reported. The CCDI report released on Sunday stressed the need to eradicate the breeding grounds for corruption, deepen the system reforms and strengthen the institutions for discipline inspection and supervision, and enhance the organisational development of Party discipline inspection commissions and supervision agencies, state-run Xinhua news agency reported. The report, whi

IMEC has potential to create more opportunities: Albanian foreign minister

Hasani, who is in the national capital to attend the Raisina Dialogue, said the India Middle-East Economic Corridor (IMEC) has the potential to create more market opportunities

TMS Ep606: NRI homes, coffee culture, Vodafone Idea, maritime corridor

Are NRIs driving up prices of homes? Has India matured as a coffee drinking nation? Is the rally in Vodafone Idea overdone? What is the Chennai-Vladivostok maritime corridor? Answers here

Israel war a challenge for West Asia corridor: FM Nirmala Sitharaman

The Centre aims to resolve insurance issues for domestic shippers and reduce India's logistics costs through this move

Israel-Hamas conflict may pose hurdles to Economic Corridor timelines: GTRI

The ongoing Israel-Hamas conflict may lead to delays and complications in the India Middle East Europe Economic Corridor project, according to think tank Global Trade Research Initiative (GTRI). It said while the conflict's immediate consequences are confined to Israel and Gaza, its ripple effects throughout the Middle East cannot be underestimated. GTRI said the conflict could derail the prospect of a historic peace deal between Israel and Saudi Arabia, a crucial linchpin in the India Middle East Europe Economic Corridor (IMEEC) framework. Although Saudi Arabia and Israel have historically maintained no formal diplomatic ties, recent years have witnessed signs of a thaw, with negotiations underway for normalisation, GTRI Co-Founder Ajay Srivastava said, adding that the war may derail any progress made. "The ongoing Israel-Hamas conflict may disrupt the project's timelines and outcomes, marking a pivotal juncture in the development of this ambitious economic corridor. While the war

ADB joins hand with Bengal govt to study economic corridors' development

The Asian Development Bank (ADB) has joined hands with the West Bengal government to undertake a study for the development of state economic corridors, a government statement said on Friday. The ADB is "keen to support the projects with technical expertise and funding", it said. The government, in the statement, said the study aims at "strategising economic development across the nodes of Andal-Panagarh, Kharagapur-Goaltore-Salboni and growth centres such as Siliguri, Dankuni and Kalyani with urban-industriallogistics-skills-energy-social sector convergence". The ADB has worked on a number of landmark projects, including the East Coast Economic Corridor and the Bangladesh Corridor study, it said. During the day, a stakeholder consultation meeting was held by Chief Secretary H K Dwivedi with key industries on the Industrial and Economic Corridor Project. Senior representatives from ADB, consulting firm Deloitte, industry body FICCI and various businesses of the industrial parks alo

China to hold third edition of Belt and Road Forum in Beijing from Oct 17

China will hold the third edition of the Belt and Road Forum here from October 17 to 18 and President Xi Jinping will attend the opening ceremony, it was announced on Wednesday. The Belt and Road Initiative (BRI) is a multi-billion-dollar initiative launched by President Xi when he came to power in 2013. It aims to link Southeast Asia, Central Asia, the Gulf region, Africa and Europe with a network of land and sea routes. Under the ambitious BRI, China provides funding for major infrastructure projects around the world, in a bid to speed Chinese goods to markets further afield. The USD 60 billion China-Pakistan Economic Corridor (CPEC) is the flagship project of the BRI. India has strongly protested to China over the CPEC as it is being laid through the Pakistan-occupied Kashmir (PoK). In July, India once again refused to endorse China's ambitious BRI, becoming the only country in the Shanghai Cooperation Organisation not to support the project. A declaration issued at the end of

Assam to build 1,000-km high-speed economic corridor costing Rs 3,000 cr

The state cabinet also approved the construction of a Judicial Guest House in Kaziranga

Assam cabinet approves Rs 3,000 cr for 1,000 km economic corridor project

The Assam cabinet on Monday approved Rs 3,000 crore for an 1,000-km-long economic corridor project in the state, Tourism Minister Jayanta Malla Baruah said. The cabinet gave its in-principle approval for the project under the Asom Mala Scheme, he told reporters. The cabinet also approved projects worth Rs 950 crore to improve rural infrastructure. The fund will be obtained from NABARD as a loan. The loan will be used to upgrade 90 rural roads and four rural bridges under the Public Works Department, he said. It was also decided that the cabinet meetings in November and December will be held in Tinsukia and North Lakhimpur districts, respectively, while in January next year, it will be held in Nagaon. The deputy commissioners have been advised to limit the expenditure for cabinet meetings to Rs 5 lakh, and also not to undertake any new repair works of circuit houses and inspection bungalows for the purpose, the minister said. The cabinet also approved the revised draft notification

China spurns new CPEC projects for Pakistan citing political instability

The Chinese side reportedly turned down Pakistan's suggestions to add more projects related to energy, climate change, electricity transmission lines and tourism under CPEC

India-West Asia-Europe corridor to give fillip to Guj's potential: Official

Rahul Gupta, Chairman and Managing Director of Gujarat Industrial Investment Corporation, exuded confidence over the positive impact of the ambitious corridor, given strategic position of the state