European Union may commit funds for flagship Indian projects

NEW DELHI: The 14th edition of the Indo-EU Summit scheduled in Delhi on October 6 will see a major commitment from the European Union on joint measures to counter terrorism, extremism and radical ideas - common challenges for India and Europe.

Buoyed by German Chancellor Angela Merkel’s fourth win, EU is expected to commit additional investments for the Union government’s flagship projects said persons familiar with the matter. European Investment Bank or EIB is expected to fund projects across sectors like Skills India, renewables, smart cities and Digital India.

A strong political statement is also expected at the summit amid growing scepticism in Europe about China’s One Belt One Road project. Key European nations, while maintaining business ties with China, are cautious about Beijing’s connectivity projects to the continent being implemented in a non-transparent fashion, watchers of European politics said. The summit is happening at a time when Europe’s ties with US are at a low and it is imperative for the continent to build partnerships with other democracies.

A key highlight of the summit will be showcasing commitment to fight terror and radicalism jointly across European capitals being hit by terror groups, indicated a person familiar with the issue. Terror attacks in Europe are on the rise and European capitals are raising the red flag that Delhi has been raising for decades, pointed out another person who deals with the issue.