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Finance Minister Nirmala Sitharaman recently spoke at the Indo-Pacific Regional Dialogue, emphasizing India's extraordinary economic trajectory in the face of global concerns. She predicted that by 2027, India would have surpassed Japan and Germany to become the world's third-largest economy, demonstrating the Indian economy's resilience in the face of global concerns.
India's Economic Development And Global Position
Despite global challenges, Sitharaman noted that India's economic growth is projected to be little less than 7%, the highest among major economies.
She emphasized that even the IMF's most conservative projections see India as the world's third-largest economy by 2027, with a GDP exceeding USD 5 trillion.
The Indo-Pacific: Economic Dynamism Amidst Geopolitical Challenges
Sitharaman recognized the Indo-Pacific area as the world's most economically dynamic, accounting for 60% of global GDP and nearly 50% of global merchandise trade.
She did, however, underline the region's geopolitical concerns as a result of great power competition.
The 'Blue Economy' Of India: A Sea Of Opportunities
When it comes to India's 'Blue Economy,' Sitharaman stated that it produces roughly 4% of GDP and is a sea of opportunity.
India is a vital player in ocean-based trade, with nine states and four Union Territories along the coast, 12 major and over 200 minor ports, and an enormous network of navigable waterways.
Advancements In The Maritime Sector
Sitharaman emphasized India's improved worldwide shipping position, which has risen from 44th in 2014 to 22nd in 2023.
According to the World Bank's Logistics Performance Index report, Indian ports have a turnaround time of only 0.9 days, outperforming established maritime centers such as Singapore, the United Arab Emirates, and the United States.
She underscored the government's commitment to the maritime industry through fiscal measures and financial investments.
Strategic Initiatives Include An Indian-Owned P&I Entity And A National Monetary Pipeline
Sitharaman announced the establishment of an Indian-owned and India-based Protection and Indemnity (P&I) firm to increase strategic flexibility in maritime operations.
Furthermore, 31 projects in nine major ports have been designated for monetization through the National Monetisation Pipeline (NMP) in order to stimulate capacity building.
IMEC Stands For India-Middle East-Europe Connectivity Corridor
The India-Middle East-Europe Connectivity Corridor (IMEC), according to Sitharaman, is one of the most promising connectivity initiatives.
The 18th G-20 Summit in New Delhi saw the signing of the IMEC, a multimodal economic corridor that includes shipping, trains, roadways, energy cables, high-speed data cables, and a hydrogen pipeline.
The corridor's goal is to improve transportation efficiency, minimize logistic costs, promote economic unification, create jobs, and contribute to a cleaner, safer world by lowering Greenhouse Gas emissions.
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