The deal, inked on May 13th, is seen as a game-changer for regional connectivity, bypassing Pakistan and offering a vital trade route to landlocked Afghanistan and Central Asia.

India and Iran signed a 10-year contract for the operation of a terminal at the Chabahar port, which is strategically important for boosting regional connectivity and trade ties.

The contract, formalised between India Ports Global Ltd and Iran's Ports and Maritime Organisation, marks India's maiden endeavor in managing an overseas port. 

Finance Minister Nirmala Sitharaman, during her budget speech on Thursday, revealed that Bhutan, Nepal, Maldives, and Mauritius are set to receive the greater part of the MEA's development assistance.

External Affairs Minister S Jaishankar on Monday held wide ranging discussions with Iranian counterpart Hossein Amirabdollahian here and their discussion focused on the long term framework for India's involvement with the strategically vital Chabahar port and the North-South connectivity project.