India Approves $150 Million Iran Port Plan

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State Governments in India, norms of treasury code. www.ambitionias.com
  • India approved a $150 million project to develop the strategic Iranian port of Chabahar. It includes a transit route to Afghanistan bypassing neighbouring Pakistan.
  • New Delhi signed a multi-million-dollar memorandum of understanding with Tehran last May to develop the port on its southeastern coast, but the deal had been stuck since.
  • The approval came at a cabinet meeting chaired by Prime Minister Narendra Modi.
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