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The International Transport Corridor (INSTC) was established in September 2000 by Iran, Russia, and India in St. Petersburg. The corridor expanded with the admission of 13 major corridor member countries such as Azerbaijan, Belarus, Armenia, Kazakhstan, Kyrgyzstan, Oman, Russia, Tajikistan, and Turkey. INSTC connects India to the Caspian Sea, Russia, and Northern Europe through Iran. By bypassing the Suez Canal, INSTC is 40% shorter and 30% cheaper than traditional routes in terms of distance and time.

Despite Washington’s concerns – and even warnings of consequences – it has not been able to wean New Delhi away from Russia. Instead, India has decided to deepen its ties with Russia. On the one hand, India’s alliance with Russia not only allows the former to maintain a balance between Russia and the US, but an alliance with Russia also comes with another critical benefit. With Russia being a vocal supporter of multipolarity and India being an ambitious global player itself, a multipolar world is a system that can meaningfully accommodate India, the world’s most populous state now. This was most clearly evident during the recent visit of India’s Prime Minister Modi to Russia.

The recent elections in different parts of the world are deciding factors in shaping the future of the globe. Various South Asian countries also held general elections during the first half of 2024. Bangladesh, Pakistan, and India – some of the SAARC members, also held general elections during this time, while elections in Sri Lanka are also likely to be held before October this year. These general elections in the SAARC countries will not only decide the future trajectories of these countries but will also be the pivotal determinants of the fate of the South Asian Association for Regional Cooperation (SAARC).