India and Russia are inching towards finalizing the plan to construct 7200 kilometer long network comprising sea route, railways and road links to boost trade in the region.
The new one belt one road would be called International North South Transportation Corridor (INSTC) would start its journey from Mumbai sea port moving their vessels loaded with container to Bandar Abbas. From Iran port city the containers or cargo movements would be aimed to Iran, Europe, Central Asian, Russia and other countries in the region.
The route will reduce the transportation cost by 30 percent and time by 40 percent, according to an Indian Freight Forwarders Association analysis.
MPC Decision