Government pitches for global north-south corridor

  1. The commerce ministry has pitched for popularisation of International North-South Transport Corridor (INSTC) in a bid to boost trade with former Soviet Union countries, Iran and Russia.
  2. The corridor is an alternative route through Tehran that significantly reduces costs and travel time.
  3. This moves is significant as govt. has adopted a market diversification strategy.
  4. This will help Indian exporters to reduce their dependence on traditional markets in the West.
  5. The ministry also wanted banks and insurance companies to play an active role in boosting traffic through INSTC.
Foreign Policy Watch: India-Iran
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