Vinay,
In short, no there is currently not a better way in IS. You can export one project at a time via export/import, but I do not believe there is a way to migrate ALL content between servers.
I was advised by SAP that Promotion Management is only for use when splitting out IS to a separate IPS and not for migrating code between environments. So you need to recreate connections in each environment and then export/import the projects/views/rules manually.
Hopefully this changes soon.
regards
Adrian