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Why INSTC is More Important than Ever for India

Author

Listed:
  • Nisha Taneja

    (Indian Council for Research on International Economic Relations (ICRIER))

  • Sanjana Joshi

    (Indian Council for Research on International Economic Relations (ICRIER))

  • Sanya Dua
  • Alina Siddiqui

Abstract

The International North-South Transport Corridor (INSTC) has emerged as a crucial alternative route for global trade in the context of recent geopolitical disruptions. With shipping lines through the Red Sea facing rising risk of attacks related to the ongoing Israel-Hamas conflict and the Suez Canal being prone to blockages, the INSTC offers a more efficient and costeffective alternative for transporting goods between India, Russia, and the Central Asian countries. This policy brief examines India's export potential to the INSTC member countries, emphasizing the untapped export opportunities that could be instrumental in achieving India's ambitious target of reaching US$ 2 trillion in exports by 2030. The policy brief also highlights the challenges in fully operationalizing the corridor, including the need for improved inter-modal transfers, enhanced banking and insurance services, and stronger hinterland connectivity. Addressing these challenges and leveraging the INSTC's potential could significantly expand India's trade in the region.

Suggested Citation

  • Nisha Taneja & Sanjana Joshi & Sanya Dua & Alina Siddiqui, 2024. "Why INSTC is More Important than Ever for India," Indian Council for Research on International Economic Relations (ICRIER) Policy Paper 24, Indian Council for Research on International Economic Relations (ICRIER), New Delhi, India.
    • Handle: RePEc:bdc:ppaper:24
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    File URL: https://icrier.org/pdf/Policy_Brief_24.pdf
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    Keywords

    INSTC; export potential; shipping disruptions; icrier;
    All these keywords.

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