Commenting on the G20 Summit 2023 that concluded in New Delhi last week, Mr Shashi Kiran Shetty, Founder and Chairman, Allcargo Group, emphasised that the G20 Declaration was a historic one, displaying a strength in unity that is rare in these times of geopolitical upheaval. “India was able to bridge the diplomatic gaps for the signatories to agree on a joint communique and include pledges such as on debt resolution and climate financing that will spur economic integration, cooperation, innovation, and development of the Global South.”
On the key India-Middle East-Europe Economic Corridor, or the IMEC, which was unveiled by India on the sidelines along with the US and Saudi Arabia, he said it is exciting to contemplate as it marks a modern, sustainable trade route connecting continents and civilisations faster than ever before. “Once completed, the ship-to-rail network will be a stable, cost-efficient supplement for existing sea and road routes, and could quicken trade speed between India and Europe by 40 per cent.”
He added that it strategically banks on largely pre-existing infrastructure and multimodal transport, both of which may enable it to take off quickly. “Making it a truly green and digital bridge of connectivity will be electricity and digital cables, and a pipeline for clean hydrogen fuel export that the signatories will lay down along the rail route on completion. It is the start of India’s future as a pragmatic and agile global ally,” he highlighted.