INSTC, India’s strategic gateway to Central Asia and Eurasia [ Current Affairs ]
The INSTC (International North-South Transport Corridor) is considered as gateway for India to expand trade and investment links with Central Asia and Eurasia. International North-South Transport Corridor (INSTC) is a multi-modal trade transport network that includes strategic rail, road, and water transport connecting India with Central Asian and Eurasia Countries for India’s Foreign Trade Policy of India 2015-20.
- INSTC will connect Mumbai (India) via Chabahar and Bandar Abbas ports of Iran with Baku (Azerbaijan) to Moscow (Russia) and other countries in Central and Eastern Europe via the Caspian Sea.
- INSTC will help in facilitating India’s economic integration with Eurasian economies and other countries in surrounding regions for economic prospect.
- These countries are having rich deposits of petroleum, natural gas and uranium along with deposits of fertilizer inputs such as potash. INSTC will be a shorter route to transport goods to Eurasian and Central Asian regions compared to present route via Suez Canal and western European countries.
- Many sectors in this region are becoming increasingly service-oriented which can benefit India to export expertise in information technology and IT-enabled services.
- INSTC will be strategically important trade corridor of tremendous promise that could help to develop its economic and strategic importance in Eurasia and Central Asia Implications for India.
- If India partners with Eurasian Economic Union (EEU) then it will further boost and expand its economic, trade and investment opportunities in more countries in this region.
- Published on: July 21, 2015