India launches Rs 3.5 lakh-cr IMEEC project, linking 8 ports
The Indian government has initiated the development of the India Middle East Europe Economic Corridor (IMEEC), which will connect 8 eastern coast ports with a railway line at an estimated cost of Rs 3.5 lakh crore. In this connection, the finance minister mentioned, "IMEEC is India's initiative, and this project is focused on the long term, with a significant impact. Short-term disruptions may raise concerns, but the nation will overcome them." Railway Minister Ashwini Vaishnav stated that the country will increase its investments to enhance connectivity to the eight ports, aiming to enable the transportation of goods to these ports from any part of the country within 36 hours, thus facilitating efficient access to IMEEC. This corridor will enable rapid movement of goods to West Asia and Europe. Furthermore, the Rs 3.5 lakh crore investment includes several projects that are in the pipeline or have recently received approval, such as the Rs 4,500 crore Son Nagar-Andal link upgrade. This upgrade will facilitate the transportation of goods from Indian ports to Fujairah in the United Arab Emirates via ship. Subsequently, containers will be transported from Fujairah to Haifa in Israel by train. From Haifa, the containers will be able to go Europe, including Italy, France, the UK, and the US. Additionally, there may also be some movement of goods through ports in Greece and North Africa under this initiative.
📅Published on:
23 October 2023
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