Date of Post: 31 Oct, 2018
New Delhi: Mr Suresh Prabhu, Minister of Commerce and Industry said, Russia has expressed his interest in investing in projects like DMIC (Delhi-Mumbai Industrial Corridor) and smart cities besides railways, and public transport. In the Nov 23 trilateral meeting on INSTC (International North South Corridor), all issues will be resolved in order to operationalise the route as early as possible, the minister also said.
- INSTC is an initiative, which is taken by India, Russia and Iran for promoting transportation cooperation and to enhance connectivity with central Asian countries.
- It is the shortest multimodal transportation route linking the Indian Ocean and Persian Gulf via Iran to Russia and North Europe.
- The estimated capacity of the corridor is 20-30 million tonne of goods per year and will reduce time and cost by 30% to 40%.
- These issues were discussed during the meeting of Prabhu and Russian business delegation on Saturday.
- The ministry said in a statement, “There is a possibility for Russian investments in DMIC, smart cities, railways, public transport, sanitation and low cost housing.”
- Mr Prabhu also said Russia can be a valuable market in information technology and other services sector.
- The ministry has set up a single window mechanism to facilitate Russian investments in India, The minister said.
- Russia has invested USD 1.2 billion in India from 2000 to 2017.
- The key areas of Russian investments are oil and gas, defence equipment supplies, power and large scale infrastructure project.
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Deepak Kumar is a part of the content team of Rail Analysis India as a writer and analyst.
His focus is on new initiatives on the Railway Sector of India.
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