India's Cabinet approved the development of a deep-water harbor on Wednesday. The government stated that this port will be an important part of the plan to connect Asia with Europe via rail and sea links through the Middle East.

Ashwini Vaishnaw, the Information Minister, told reporters that Vadhavan Port will be built in India on its western coast, approximately 150 km (93miles) from Mumbai, India's financial capital. The port is expected to cost 762 billion Indian Rupees ($9.14 Billion).

Vaishnaw stated that the port would include terminals with a capacity of 298 millions metric tons per year for imports such as petroleum, cars, and other goods. Vaishnaw said that the construction of the first phase of two is expected to finish by 2029.

Vaishnaw stated that the corridor would be an integral part (of the) India-Middle East Corridor, which was announced on September at the G20 Summit in New Delhi.

This will have a significant impact on the economy in the future. Reporting by Shivam Patel, New Delhi. Editing by Rod Nickel