India-Middle East-Europe Corridor: Why It is Significant for Delhi & Where Did The Idea Come From

Prime Minister Narendra Modi has announced the launch of India-Middle East-Europe economic corridor, an ambitious project aimed at fostering economic growth and countering China's Belt and Road Initiative. The new economic corridor was jointly announced by the leaders of the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union on the sidelines of the G20 summit. The corridor will have an eastern corridor connecting India to the Gulf region and a northern corridor connecting the Gulf region to Europe. It would also include a railway and ship-rail transit network and road transport routes. What…