The Government of India is intensifying its efforts to launch the first phase of two major sea routes in 2024-25.
The purpose of this initiative is to leverage the 'China + 1' feeling in the global economy and enhance India's foreign trade, sources informed Moneycontrol.
"Efforts are being made to include the first phase of the launch plans of the Eastern Maritime Corridor (EMC), between India and Russia, and the India-Middle East-Europe Economic Corridor (IMEEC), connecting India to the Middle East and Europe, in the interim budget for 2024-25," a senior government official told Moneycontrol.
To avoid delaying these projects because of the impending general elections in 2024, the Union government has ordered officials to incorporate first-phase funding, infrastructure construction, and operational plans for both the IMEEC and the EMC in the interim budget, which will be submitted on February 1, 2024.
"All parties (Indian ministries and their counterparts from Russia, Saudi Arabia, and the UAE) involved with both the EMC and IMEEC projects are working in tandem to start operations of the proposed new sea routes in early 2024-25," another senior government official said.
According to the Ministry of Shipping, 95 per cent of India’s foreign trade is mainly via seaports.