India must capitalise on transnational economic corridors

The recent turmoil in the financial markets has not dampened Chinese government’s enthusiasm for building infrastructure projects across Asia. For instance, after international sanctions were removed recently, Chinese President Xi Jinping was the first head of the state to visit Iran, where he promised to build a high-speed train network and termed Iran as a ‘natural partner’ in implementing the One Belt, One Road (OBOR) initiative. The OBOR is an ambitious connectivity project, which seeks to leverage Chinese core-competency in infrastructure-building and also address the problem of domestic industrial overcapacity in sectors such as steel and cement. The OBOR has both continental and maritime components. The maritime route will connect important ports in China, the South China Sea, and the Indian Ocean, with the European ports in the Mediterranean Sea. The continental route will link-up western China with Central Asia and Europe.

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