To celebrate 70 years of diplomatic relations between India and Russia, a motor rally is being organized to promote the International North-South Transport Corridor, Bureaucracy Today has learnt.
Experts told Bureaucracy Today that there is a need to promote the International North-South Transport Corridor, which would reduce the transit time by almost 40 per cent between India and Russia.
International North-South Transport Corridor (INSTC) is a multi modal transportation initiated in 2000 in St. Petersburg, by Iran, Russia and India for the purpose of promoting transportation cooperation among the Member States.
This corridor connects India Ocean and Persian Gulf to the Caspian Sea via Islamic republic of Iran, then is connected to St. Petersburg and North European via Russian Federation.
The INSTC was expanded to include eleven new members, namely: Republic of Azerbaijan, Republic of Armenia, Republic of Kazakhstan, Kyrgyz Republic, Republic of Tajikistan, Republic of Turkey, Republic of Ukraine, Republic of Belarus, Oman, Syria, Bulgaria (Observer).
Indian investments in Russia are estimated at US$ 8 billion and Russian investments in India totalled about US$ 3 billion.
India and Russia are exploring ways to enhance mutual direct investment to $15 billion by 2025.