Vinay Kumar, India’s Ambassador to Moscow, told on Friday that the "current situation of logistics" between Russia and India was better than what it used to be a couple of years ago.
Speaking at the India-Russia Business Dialogue roundtable on the third day of St. Petersburg International Economic Forum (SPIEF), Kumar praised the ongoing connectivity projects being implemented between the two nations.
The Indian Ambassador noted that Russian logistics major FESCO had been involved in transporting various types of containers, including general refrigerated and bulk cargo, between the two nations.
"Similarly, a lot of work is being done on the International North South Transport Corridor (INSTC) and the Chennai-Vladivostok Maritime Corridor for a greater shipping line connectivity between our two countries," Kumar told the India and Russian delegates.
Further, the Indian Ambassador expressed his gratitude to Sberbank for its efforts in improving payment infrastructure between the two nations in the wake of western sanctions and cutting off of Russian banks from SWIFT network.
"I must also thank Sberbank for being able to create new opportunities for settlement of payments to make the life of the business community easier," said Kumar.
During his remarks, Kumar also called for participation of more Russian companies in Indian manufacturing ecosystem under the Atmanirbhar Bharat (self-reliant India) scheme of Prime Minister Narendra Modi’s government.
"I would also like to emphasise that we need to create opportunities for more Russia-India Joint Ventures (JVs) manufacturing in India," he stressed, noting that Russian company Metrowagonmash was already involved in manufacturing Vande Bharat rail wagons in India.
Kumar highlighted that Production Linked Incentives (PLIs) for foreign investors being offered by the Indian government had proven to be a "gamechanger".
He also called for expanding Indian exports to Russia to address trade imbalance, noting India’s strengths in sectors such as pharmaceuticals and food processing.