Iran disappointed with India’s decision on Chabahar Port, not a single rupee was found in the budget for what PM Modi had called the Golden Gate.

News India Live, Digital Desk: A big news has come out regarding ‘Chabahar Port’, which is considered very important strategically between India and Iran. The Government of India has not allocated any funds for this project in the general budget presented this year. This decision has now drawn a sharp reaction from Iran. Iran’s Foreign Minister Abbas Araghchi has termed this budget move as extremely disappointing for both Delhi and Tehran.

Iran remembered PM Modi’s old statement

During an interview with India Today, Iranian Foreign Minister Abbas Araghchi spoke openly on this issue. He said that not getting funds is not good news for both the countries. Along with this, he reminded the statement of Prime Minister Narendra Modi, in which the PM had called Chabahar ‘Golden Gate’. Araghchi stressed that this port is a very strategic and important means of connecting the Indian Ocean with Central Asia, the Caucasus and Europe. If it is fully developed, it can change the business picture of the entire region.

What happened to Chabahar fund in the budget?

In the country’s general budget presented by Union Finance Minister Nirmala Sitharaman on February 1, not even a single rupee was allocated for the Chabahar Port project. Whereas in earlier years, India had been continuously giving Rs 100 crore every year for this connectivity project located on the southern coast of Iran (Sistan-Baluchistan province). Rs 100 crore was also allocated in last year’s budget, but this time this amount has been reduced to zero.

Are American sanctions the reason for this?

America’s stance in the development of Chabahar Port also matters a lot. In September last year, America had imposed strict economic sanctions on Iran. However, considering the importance of the Chabahar project, India was given a special exemption of 6 months from these restrictions. The thing to note is that this exemption given by America is going to end on April 26 this year.

Why Chabahar is a game-changer for India?

India and Iran have been jointly developing this port for a long time. Its main objective is to accelerate trade relations and regional connectivity.

Global Trade Route: Both the countries are making strong efforts to make it an integral part of the ‘International North-South Transport Corridor’ (INSTC).

Easy access to Afghanistan: Iranian Ambassador Mohammad Fathali has also said earlier that this port is the most important route for India to bypass Pakistan and have direct access to Afghanistan and Central Asia. He also advocated further strengthening relations with India on this issue.

Now it will be interesting to see what next steps India and Iran take regarding the future of this project after the US waiver expires in April.