Need to know the development as it can be a point in mains answer or probably a prelims question.
The INSTC is a project to link India and Iran via the sea route and then through Iran to the Caspian sea onwards to Central Asia.
The officials representing India and Iran will attempt to resolve contentious issues related to the proposed Chabahar Port in Iran at foreign office consultation.
“We can sign commercial deals with Iran since payment is no longer an issue”.
India considers Iran as an important partner and expressed satisfaction at the growing bilateral interaction in diverse area including energy, shipping, ports and railways.
A $1/barrel fall in international crude oil prices is likely to reduce India’s net import bill by $0.9 billion a year.