India-Middle East-Europe economic corridor to become the basis of world trade: PM Modi

New Delhi: The upcoming India-Middle East-Europe economic corridor will become the basis of global trade for hundreds of years and history will remember that this corridor was initiated on Indian soil, Prime Minister Narendra Modi said on Sunday.

“You must realize that the Silk Road was a part of the discourse in our country and in the world when India was very wealthy. This Silk Road was an important medium of business and trade,” he said while speaking on the 105th annual episode of “Mann Ki Baat”.

“In today’s times, India has proposed another economic corridor under the G20,” he added.

India, the United States, the United Arab Emirates and Saudi Arabia have proposed building shipping and rail links connecting Europe and the Middle East with India.

The plan is to create an economic corridor that will connect Middle Eastern countries via rail and then connect with India via shipping routes.

The project will also improve connectivity, de-escalate conflicts and provide a counterpoint to China’s Belt and Road Initiative.

Prime Minister Modi also said that the grand hosting of the G20 summit after the success of Chandrayaan-3 has doubled the joy of all Indians.

“At this summit, India demonstrated its leadership by making the African Union a full-fledged member of the G20,” he said.

“The fascination with India has increased significantly in the last few years and after the successful organization of the G20, the interest of the world’s people in India has continued to grow,” he added.

During the opening session of the two-day G20 summit two weeks ago, the African Union (AU) was granted permanent membership in the Group of 20 largest economies worldwide (G20).

In recent years, India has actively established itself as a prominent advocate, highlighting the problems, difficulties and aspirations of the Global South, particularly the African continent.

“More than a million delegates came to India for the G-20 summit. They learned about the diversity here: different traditions, different types of cuisines and our heritage,” Modi said.

“The wonderful experiences brought by the delegates who came here will further expand tourism,” he added.

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