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Government Doubles Allocation For Chabahar Port Project In Latest Budget
Chabahar Port (Alireza numberone/Wikimedia Commons)
In a major boost for the development of the Chabahar port project in Iran by the Government of India, the Union Finance Minister Nirmala Sitharaman in her second union budget has increased the allocation for the project to more than double the figure allotted in the previous financial year of 2019-20, reports Livemint.
In the Union Budget for the previous year, the Chabahar port project's development had been allocated Rs 45 crore. The same has now surged to Rs 100 crore in the Budget tabled in the Parliament on 1 February.
The port project is of geo-strategic vitality to India as it facilitates India access to the landlocked nation of Afghanistan bypassing hostile nation of Pakistan, while also providing a route to access the Central Asia in a similar fashion.
The boost in the financial allocation of towards development of the project comes after the United States (US) had given India assurance in writing that it would help facilitate the funding of the port project's purchase of equipment from global banks in the light of stringent sanctions imposed on Iran by the US.
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