Mumbai, Nov 16: Terming the India-Middle East-Europe Connectivity Corridor (IMEC) as one of the most promising connectivity projects, Union finance minister Nirmala Sitharaman on Wednesday said that it would be a win-win situation for all stakeholders who are involved in bringing efficiency in transportation, reducing logistic costs, increasing economic unity, generating employment, and lowering greenhouse gas emissions.

“However, it is not without its geopolitical challenges and the ongoing conflict in Israel and Gaza is a worrying manifestation of these,” she said.

She further said, the Indian economy is on the right track and is heading towards a bright future.

“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 per cent during the year, the highest among major economies, despite global headwinds,” Sitharaman said, while addressing the Indo-Pacific Regional Dialogue here.

As far as the IMEC project is concerned, it was signed at the 18th G20 Summit held in New Delhi on September 9-10 this, marking the culmination of India’s G20 Presidency. “It is a multi-modal economic corridor that incorporates multiple networks of shipping, railways, and roadways and will also include electricity cables, high-speed data cables, and a hydrogen pipeline,” Sitharaman said.

On the country’s growing economy, she also said that amidst supply-chain disruptions and economic turbulence due to contemporary conflicts that impact the Indo-Pacific, irrespective of whether they are occurring in relatively distant Ukraine or in relatively-proximate Israel or Yemen, and despite the palpable tensions prevalent in the South- and East China Sea, the Indian economy stands out as a bright spot.