IMEC to propel India to 3rd-largest economy: Mansukh Mandaviya
In a significant statement, Union Labour and Employment Minister Dr Mansukh Mandaviya has emphasized that the India-Middle East-Europe Economic Corridor (IMEC) will play a pivotal role in propelling India to become the world’s third-largest economy. Mandaviya made this assertion during a recent event, highlighting the immense potential of the IMEC initiative launched in 2023 under the leadership of Prime Minister Narendra Modi.
Under the IMEC, India has been actively engaging with countries in the Middle East and Europe to enhance trade, investment, and economic cooperation. The initiative aims to create new trade routes, stimulate economic growth, and increase India’s global competitiveness. With the IMEC, India is poised to become a significant player in the global economy, pushing its ranking to the third position.
Mandaviya’s statement is based on the significant growth India has witnessed since the launch of the IMEC. The country’s economy has been growing at a rapid pace, driven by factors such as a young and dynamic population, a thriving start-up ecosystem, and a favorable business environment. India’s GDP growth rate has been consistently above 6%, making it one of the fastest-growing major economies in the world.
The IMEC is expected to further accelerate India’s economic growth by creating new opportunities for trade and investment. The corridor will connect India with major economic hubs in the Middle East and Europe, providing access to new markets, resources, and technologies. This will not only boost India’s exports but also attract foreign investments, creating new job opportunities and stimulating economic growth.
The Middle East is a critical region for India’s economic engagement, given its proximity to India and its strategic location at the crossroads of global trade. The region offers India access to major markets in Europe, Africa, and Asia, as well as opportunities for energy cooperation and investments in key sectors such as infrastructure, manufacturing, and services.
Europe, another key region for IMEC, offers India a vast market for its goods and services. The region is home to some of the world’s most advanced economies, with a strong demand for Indian products such as textiles, pharmaceuticals, and IT services. IMEC will provide India with a direct gateway to these markets, enabling it to increase its exports and compete more effectively with other emerging economies.
The IMEC is also expected to foster greater economic cooperation between India and the Middle East and Europe. The corridor will facilitate the exchange of goods, services, and ideas, promoting people-to-people ties and cultural exchanges. This will not only enhance economic cooperation but also strengthen diplomatic relations between the countries involved.
The success of the IMEC will also depend on India’s ability to create a conducive business environment, which is critical for attracting foreign investments and promoting economic growth. The government has been taking several initiatives to simplify the regulatory framework, improve infrastructure, and enhance the ease of doing business in the country.
In conclusion, the IMEC has the potential to propel India to become the world’s third-largest economy. With its strategic location, growing population, and favorable business environment, India is well-positioned to capitalize on the opportunities offered by the IMEC. As the initiative gains momentum, India is likely to become a key player in the global economy, driving growth and prosperity for its citizens.
