India (Commonwealth Union)_ During the Indo-Pacific Regional Dialogue, Union Finance Minister Nirmala Sitharaman highlighted the India-Middle East-Europe Connectivity Corridor (IMEC) as a pivotal connectivity project with immense potential. Sitharaman emphasized that IMEC would bring about efficiency in transportation, reduce logistic costs, enhance economic unity, generate employment, and contribute to lowering greenhouse gas emissions. Despite geopolitical challenges, particularly the ongoing conflict in Israel and Gaza, she stressed the project’s significance for all stakeholders.
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Asserting India’s economic trajectory, Sitharaman expressed optimism about India becoming the world’s third-largest economy by 2027, surpassing Japan and Germany. She added that despite global headwinds, India is expected to achieve an economic growth rate of just under 7 percent during the year, the highest among major economies. The Indo-Pacific Regional Dialogue provided a platform for Sitharaman to underscore India’s commitment to a bright economic future. The minister said, “India is expected to overtake Japan and Germany to emerge as the third largest economy in the world by 2027. The country’s economic growth is estimated to be just under 7 percent during the year, the highest among major economies, despite global headwinds”.
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The IMEC project, signed during the 18th G20 Summit in New Delhi, is a multi-modal economic corridor encompassing shipping, railways, roadways, electricity cables, high-speed data cables, and a hydrogen pipeline. Sitharaman emphasized its significance in fostering connectivity and economic development. Addressing the impact of contemporary conflicts on the Indo-Pacific region, Sitharaman highlighted India’s resilience amid supply-chain disruptions and economic turbulence. Despite tensions in regions like Ukraine, Israel, and the South- and East China Sea, India’s economy stands out as a bright spot.
Further, the IMF estimates that India will become the world’s third-largest economy by 2027, surpassing Japan and Germany, with a GDP exceeding $5 trillion. India aspires to be a developed economy by 2047, with the ‘blue economy‘ contributing approximately 4 percent to the GDP. She said, “Even according to the usually conservative estimates of the IMF, the Indian economy is set to emerge as the world’s third largest economy by 2027, hopping over Japan and Germany, as its GDP crosses the $5 trillion level. By 2047, India aspires to be a developed economy.”
Sitharaman also noted India’s improved global standing as a well-governed and innovative country with a business-friendly environment. Recognizing the connection between comprehensive national power and the ocean, she emphasized the government’s commitment to supporting maritime sector growth through fiscal policy and financial outlays. Discussing India’s maritime landscape, Sitharaman highlighted the country’s nine coastal states, four Union Territories, major and non-major ports, and a vast network of navigable waterways that support national and global trade. According to her, the maritime aspects of the COVID-19 pandemic prompted a specific focus on shipping insurance in India’s policy considerations. She added, “Our experience of the maritime manifestations of the Covid-19 pandemic has led to shipping insurance, too, becoming a particular area of policy focus”.
