India builds a port consortium to snap up foreign assets

News: India is building a consortium of state-run port ventures to acquire and develop foreign ports and terminals as it seeks to strengthen its maritime heft. The focus will be on potential development opportunities along INSTC, IMEC, Eastern Maritime Corridor.

1. International North South Transport Corridor (INSTC): It is a proposed 7200 km long multi modal network of roads, railways and sea routes that connects India to Russia, Iran, Central Asia and Europe.

2. In 2002, India, Russia and Iran signed the preliminary agreement to develop the INSTC. Now, the agreement has been ratified by 13 counties- India, Russia, Iran, Azerbaijan, Belarus, Bulgaria, Armenia, Kazakhstan, Kyrgyzstan, Oman, Tajikistan, Turkey and Ukraine.

3. India- Middle East- Europe Economic Corridor (IMEC): It is a planned economic corridor that was launched during India’s G-20 Presidency, with an aim to integrate India, Europe, Middle East through UAE, Saudi Arabia, Jordan, Israel and European Union.

4. It will comprise of two separate corridors: A) East Corridor, connecting India to Gulf B) Northern Corridor, connecting Gulf to Europe.

5. Sagarmala Programme: It is a flagship initiative of the Ministry of Ports, Shipping and Waterways to modernise country’s ports and coastal infrastructure, fostering port led development.

6. It seeks to reduce the logistic costs, improve port efficiency, promote coastal community development, develop inland and coastal waterways.