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(Sputnik) – The first consignment of goods to be transported via the International North-South Transportation Corridor (INSTC) will depart from India’s financial capital Mumbai to St Petersburg, Russia next month. This will mark another milestone in India-Russia relations.
The corridor will reduce the time for transportation of cargo from India to Russia by half. It will help India and Russia to increase bilateral trade to the targeted $30 billion over the next 10 years.
“After the Chabahar Port, the International North-South Transportation Corridor is of great significance to India as it will provide easy access to Indian goods to Eurasian markets. In a way, INSTC is India’s answer to China’s One Belt One Road project, which India is opposing vehemently. INSTC has both geo-strategic as well as economic significance. Apart from Russia, the INSTC will increase India’s reach to Central Asia, Europe, and Eurasia. It will provide the much-needed stimulus to trade and investment between the two countries by shortening the travel time,” Arun Mohanty, Professor in the Centre for Russian and Central Asian Studies in JNU told Sputnik.
The recent inauguration of Chabahar Port in Iran has facilitated the operationalization of the INSTC.