The Prime Minister of India has unveiled plans for the India-Middle East-Europe Economic Corridor (IMEC), a massive trade and infrastructure project involving India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany, and the US. IMEC comprises an Eastern Corridor linking India to the Gulf region and a Northern Corridor connecting the Gulf region to Europe. It encompasses railways, ship-rail transit, road transport, electricity cables, hydrogen pipelines, and high-speed data cables. IMEC aims to foster trade, energy exchange, and digital connectivity, promoting economic integration between India, West Asia, and Europe, while addressing infrastructure deficits in lower- and middle-income nations.
Facts/Terms for UPSC Prelims
- Partnership for Global Infrastructure Investment (PGII): PGII is a collaborative initiative by G7 nations to finance infrastructure projects in developing countries. Its primary goal is to bridge infrastructure gaps in developing nations, facilitating progress towards Sustainable Development Goals (SDGs) and improving the quality of life.
- Sustainable Development Goals (SDGs): SDGs are a set of 17 global goals established by the United Nations to address social, economic, and environmental challenges. They aim to promote equality, end poverty, protect the planet, and ensure prosperity for all by 2030.
- G7 Summit: The G7 Summit is an annual meeting of the leaders of seven major advanced economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. It serves as a platform for discussions on international economic and political issues.
- Infrastructure Gap: The infrastructure gap refers to the disparity between the existing infrastructure in a region or country and the infrastructure needed to support economic growth, development, and the well-being of its population.
- Energy Products: Energy products refer to various forms of energy resources, such as oil, natural gas, electricity, and hydrogen, which are essential for powering industries, transportation, and households, and play a crucial role in economic development and trade.