In what ways is International North-South Transport Corridor significant for India?
Answer: International North-South Transport Corridor (INSTC) was launched with arrival of cargo containers from Russia’s Astrakhan Port at Nhava Sheva port, Mumbai.
- INSTC is 7,200-km multi-modal transport corridor that combines road, rail and maritime routes connecting Russia and India via Central Asia and Iran.
Significance for India
Economic
- Reduce freight costs by 30% and the journey time by 40% in comparison to route via Suez Canal.
- Increase bilateral trade between India and member countries.
- Opportunity for internationalization of India’s infrastructural state, e.g. SEZ around Chabahar will offer Indian companies opportunity to set up industries.
Strategic
- Offers platform for India to ....
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