International North South Trade Corridor (INSTC)

18 Jul 2023

Context:

India and Iran plan to step up operationalizing the International North South Trade Corridor (INSTC) in a move to boost trade with Russia.

(Image Credits: The Hindu)

About International North South Trade Corridor:

  • The INSTC was  initiated in 2000 by Russia, India and Iran, is a multi-modal transportation route linking the Indian Ocean and the Persian Gulf to the Caspian Sea via Iran, and onward to northern Europe via St Petersburg in Russia
  • INSTC consists of sea routes, rail links, and road connections that connect Mumbai in India to Saint Petersburg in Russia, passing through Chabahar.
  • Member Countries: It has been ratified by 13 countries namely, Azerbaijan, Belarus, Bulgaria, Armenia, India, Iran, Kazakhstan, Kyrgyzstan, Oman, Russia, Tajikistan, Turkey, and Ukraine.
  • The corridor has several branches:
    • On the western side of the Caspian Sea, it would link Russia to Iran through Azerbaijan. 
    • The eastern branch runs along the eastern coast of the Caspian Sea and links the main corridor to different road and rail networks of Central Asian countries such as Turkmenistan and Kazakhstan.
  • Benefits:
    • Boost to Energy Security: India remains dependent on imports for about 80% of its energy requirements, this corridor would open fresh avenues for energy security.
    • Enhanced Trade Connectivity:The INSTC can boost trade between India and Central Asia. 
      • For Example: INSTC could boost trade to a total of US$ 170 billion from India to Eurasia (60.6 billion in export and 107.4 billion in import).
    • Reduce Transit Time: The INSTC is projected to reduce transit time by 40%, shortening it from 45-60 days to 25-30 days. 
    • Decrease in Freight Cost: Additionally, it is expected to decrease freight costs by 30% in comparison to the Suez Canal route.

News Source: ET

Archive Calendar

Mon Tue Wed Thu Fri Sat Sun
 123
45678910
11121314151617
18192021222324
25262728293031

Need help preparing for UPSC or State PSCs?

Connect with our experts to get free counselling & start preparing

Know about Physics Wallah

Physics Wallah is an Indian online education platform, that provides accessible & comprehensive learning experiences to students of classes 6 to 12 and those preparing for JEE and NEET exams. We also provide extensive NCERT solutions, sample papers, NEET, JEE Mains, BITSAT previous year papers, which makes us a one-stop solution for all resources. Physics Wallah also caters to over 3.5 million registered students and over 78 lakh+ Youtube subscribers with 4.8 rating on its app.

We Stand Out because

We successfully provide students with intensive courses by India's qualified & experienced faculties. PW strives to make the learning experience comprehensive and accessible for students of all sections of society. We believe in empowering every single student who couldn't dream of a good career in engineering and medical field earlier.

Our Key Focus Areas

Physics Wallah’s main focus is to create accessible learning experiences for students all over India. With courses like Lakshya, Udaan, Arjuna & many others, we have been able to provide a ready solution for lakhs of aspirants. From providing Chemistry, Maths, Physics formulae to giving e-books of eminent authors, PW aims to provide reliable solutions for student prep.

What Makes Us Different

Physics Wallah strives to develop a comprehensive pedagogical structure for students, where they get a state-of-the-art learning experience with study material and resources. Apart from catering students preparing for JEE Mains and NEET, PW also provides study material for each state board like Uttar Pradesh, Bihar, and others.

Aiming for UPSC?

Download Our App

# #
Quick Revise Now !
AVAILABLE FOR DOWNLOAD SOON
UDAAN PRELIMS WALLAH
Comprehensive coverage with a concise format
Integration of PYQ within the booklet
Designed as per recent trends of Prelims questions
हिंदी में भी उपलब्ध
Quick Revise Now !
UDAAN PRELIMS WALLAH
Comprehensive coverage with a concise format
Integration of PYQ within the booklet
Designed as per recent trends of Prelims questions
हिंदी में भी उपलब्ध

<div class="new-fform">






    </div>

    Subscribe our Newsletter
    Sign up now for our exclusive newsletter and be the first to know about our latest Initiatives, Quality Content, and much more.
    *Promise! We won't spam you.
    Yes! I want to Subscribe.