Finance Minister Nirmala Sitharaman, at the Indo-Pacific Regional Dialogue, highlighted India's robust economic growth.
Predicting India to be the third-largest global economy by 2027, surpassing Japan and Germany, she noted the resilience of India's economy amid global uncertainties.
Key Points:
- Despite global challenges, India's economic growth is estimated at nearly 7%, the highest among major economies.
- Conservative IMF estimates suggest India will be the world's third-largest economy by 2027, crossing a USD 5 trillion GDP mark.
Indo-Pacific Economic Dynamics:
- Sitharaman recognized the Indo-Pacific as the most economically dynamic region, constituting 60% of global GDP and almost 50% of global merchandise trade.
- Acknowledged geopolitical challenges due to great power competition in the region.
'Blue Economy' Opportunities:
- India's 'Blue Economy,' contributing 4% to the GDP, offers vast opportunities with nine coastal states, four Union Territories, major ports, and an extensive network of waterways.
Maritime Sector Advancements:
- India's improved global shipping ranking, rising from 44th in 2014 to 22nd in 2023.
- World Bank's Logistics Performance Index highlighted Indian ports' turnaround time, surpassing global counterparts.
Strategic Initiatives:
- Establishment of an Indian-owned and India-based Protection and Indemnity (P&I) entity to enhance shipping operations.
- Identification of 31 projects in major ports for monetization under the National Monetisation Pipeline (NMP).
India-Middle East-Europe Connectivity Corridor (IMEC):
- IMEC, a multimodal economic corridor, aims to boost transportation efficiency, reduce logistic costs, and promote economic unity.
- Signed at the 18th G-20 Summit, IMEC includes shipping, railways, roadways, electricity cables, high-speed data cables, and a hydrogen pipeline.
- Aims to generate employment and contribute to a cleaner, safer world by lowering Greenhouse Gas emissions.
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