Sochi (Russia) March 26 (IANS) The Northern Sea Route (NSR) will be one more alternative route for India to add to its energy security and others, said a senior official at the Indian Embassy in Russia.
“India’s main expectation in NSR is that it is one more alternative sea route. It will add to our energy security,” said Ved Prakash Singh, First Secretary, Head of Economic and Commercial Wing, Embassy of India in Russia.
He was speaking at the two-day global nuclear power conference-cum-exhibition AtomExpo 2024 held here on the topic ‘Northern Sea Route: Infinite Potential of the Artic’.
He said when Russia’s Vladivostok is connected with Chennai it will help in connecting the Eastern part of India with Russia.
The NSR is about 5,600 km of sea route in the Arctic waters under Russia’s exclusive economic zone.
Currently, the freight on this route is carried by vessels during a short time when the ice melts but owing to climate change, it is expected the waters will be navigable throughout the year and Russia wants to develop this route as an alternative route than the current Suez Canal.
Referring to India’s deep relations with Russia Prakash said the bilateral trade between the two countries have increased dramatically in recent times to touch about $55 billion between April-January in FY24.
The trade balance is hugely in favour of Russia as Indian exports – chemicals, pharmaceuticals and others account only for about $3 billion while imports into India from Russia account for the remaining. Russia ships oil, fertilisers, coal, diamonds and others to India.
Prakash said discussions are on with Russia to source automobile components, textiles, machine cutting tools and others from India.
According to him, the sea route Vladivostok-Chennai will save about 40% time and cost.
India’s interest in NSR is to make it a part of its port-led development programme in Sagarmala – port-led development of cities.
Prakash said India’s involvement in NSR will be in research, education, and the impact on ecology.
He said the Arctic region is an untapped region for energy and other resources.
Prakash said the two countries are considering setting up a Joint Working Group to discuss the issues and India is looking at Russia for its cooperation in the early formation of the group.
Russia has to propose the members for this group based on which India will nominate its representatives.
The NSR currently serves the Arctic ports and major rivers of Siberia by importing fuel, equipment, food and exporting timber and minerals. Some parts of the route are only free of ice for two months per year, but melting Arctic ice caps are likely to increase traffic and the route’s commercial viability.
(Venkatachari Jagannathan can be reached at v.jagannathan@ians.in)
–IANS
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