INSTC played a major role in pushing Russia-India trade volume in 2023: RZD CEO
economic cooperation – in 2023 with Russia for the first time getting into the three top trade partners of India due to contribution of International North South Transport Corridor (INSTC), CEO of RZD Logistics (top Russian logistics company that operates INSTC) Dmitry Murev told ET.
The export from Russia to India in the 2022-2023 financial year increased by 4.7 times and activation of INSTC is one of the most important factors that contributed to this, according to Murev.
“Our company managed to build strong partnership with the leading participants of transport and logistics industry of India, Iran, Turkmenistan and Kazakhstan, which, in particular, allowed to cut the net cost of the end-to-end transportation service along the Eastern route of INSTC by 50% since August of 2022,” Murev informed.
All three branches of INSTC – Western, Trans-Caspian and Eastern – are working. Each of these routes has its own infrastructure characteristics and perspectives, uniting certain groups of member countries of INSTC, with India and Russia being actively involved in the work of the corridor on all three routes, RZD CEO pointed out.
The Western route of INSTC connects Russia, Azerbaijan and Iran by rail and auto transport for connecting to India and Persian Gulf countries.
