India, Mullahs' Last Best Friend?


Strengthening the bilateral relationships, the Iranian ambassador to India hinted about a proposed a trade agreement between the two nations to evade sanctions and later an Indian trade official publicly confirmed it. Since dollar as a transaction mode for Iran’s oil deals is disrupted in the international market, India has reportedly agreed to pay for 45 percent of its crude oil imports in rupees. And according to the latest reports, New Delhi will also barter wheat with Tehran.

India will also send a trade delegation to Iran mostly by this month end, revealed India's Commerce Secretary Rahul Khullar. At a time when other nations are shying away from doing business with Iran for the fear of sanctions or reputational damage, India feels it’s a ‘business opportunity’ and plans to market Indian products that Tehran can buy with its rupees. "If Europe and the U.S. believe they wish to sanction exports of a large number of items to that country, that is their choice. But for us we shall continue business," Khullar told reports.

New Delhi justifies this as a necessary commerce as its rapidly increasing oil demand is largely met by oil imports from Iran which feeds 11 percent of India’s oil appetite.