Amid trade war ongoing in the world, India and Russia as well as Iran are due to hold a trilateral meeting to speed up the International North South Transport Corridor (INSTC).
The meeting is due on November 23.
As per the proposal, it will encompass 7,200-km-long ship, road, and rail route operational.
It is in this context that Union Commerce and Industry Minister Suresh Prabhu held a meeting with a Russian business delegation on raising investments and business between the two countries.
Minister Prabhu informed that the corridor is an important initiative taken by India, Russia and Iran to promote transport cooperation and to enhance connectivity with central Asian countries.
The estimated capacity of the corridor is 20 to 30 million tonnes of goods per year and will reduce time and cost by 30 per cent to 40 per cent, it added.
Russia has invested $1.2 billion in India between 2000-2017 in oil and gas, defence equipment supplies, power and energy and large-scale infrastructure projects.
Inviting Russian aerospace companies to participate in the Global Aviation Summit to be held in India in January 2019, he sought Russian investments in green and brown field airports in smaller cities and towns in India.
In 2017, total trade between India and Russia was at $10.13 billion.>