Quesu2014How does the sanction by the U.S to Iran affect India In terms of economy with investment in Chabahar Port ? Explain.
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Ansu20141 US tightens sanctions on Iran’s oil exports. In November 2018, US President Donald Trump tightened sanctions on Iran’s oil exports and clearly mentioned that if any country continues to import oil from Iran then it will also have to face severe sanctions. However it gave an exemption of 6 months to India, but that too, with reduced quantum of imports. That exemption is going to end in May 2019 and our Prime Minister said that after May 2019, India will cut its oil imports from Iran to 0%. This will be going to hit India very hard as it is the 3rd largest importer of Iran’s oil and putting an end to these imports will severely affect our economy. Iranian companies deals with Indian companies in Indian Rupee and if India stops doing trade with them then it will either have to shift to some other alternative or to purchase oil from any other country and that country will most probably deal in dollar resulting in further devaluation of Indian rupee. If India doesn’t find any solution , then its investment on Chabahar port will also go in vain. Our Indian companies are highly dependent on Iran for oil imports .So, our government should find a pragmatic solution as soon as possible in order to avoid any recession in our country.
Ansu20142 u00a0India energy needs are primarily met from imports. India will need to come up with options that offer terms as attractive as those offered by Iran, including 60-day credit, free insurance and shipping. This comes in the backdrop of ongoing general elections. The prices in the Indian basket of crude, which represents the average of Oman, Dubai and Brent crude, have been firming up. Any spike in global crude prices will impact Indiau2019s oil import bill and trade deficit. Finding an alternative supplier at competitive terms quickly for India may be tough.u00a0India may increase its dependency on oil imports from Saudi Arabia and the United Arab Emirates (UAE) at a time when the West Asian nations plan to increase their investments in India.
Ansu20143 u00a0India will put decline on imports of oil creating adverse impact on its economy. Us has put sactions on iran for nuclear and alerted all countries to end deal with iran otherwise will facing secondary sanctions. USA has reprived in the form of sactions waiver to import iranian oil for six month from noverber 2018 to december 2019 and the exception of continue developing the chabahar port. India was importing 10% of its oil needs from iran and considerably reduce its intake over he last few months but after 2 may india will declined and developing chabhar port building alternative route for trade to central asia. In the last week prime minister has vowed iranian president in delhi to increase oil intake from iran. If india put discontinuos to trade with iran will undermine the economy of india.