How US sanction on Iran affect India’s CAD shahid t komath Today, India’s current account deficit costs 80billion dollars that means 8,000crore dollars. No doubt it gives a tremendous pressure on rupee. To reduce it, India had to urgently solve the trade balance with foreign countries. Then the key sector is the crude oil imports. As it is the necessity of our economic development how India deals with this problem. Here the sanction on Iran issue emerges. In 2009-2010 India imported 21 million tons from Iran, but due to the unfair financial sanction by US, previous year India imported only 13million tones. In this year in the first 5 months India imported only 2 million tones. That means India wants to make an embargo on the crude import from Iran. According the report of petroleum ministry if India import more crude oil from Iran it will reduce trade imbalance by ten percent. Because buckling to sanction, they are ready to sell the crude oil to India through Indian rupee and also with much more discounts. But our government succumbing ignores this strategy in the national interest. So, the need of hour is to increase the import of crude oil from Iran and the motive behind closing petroleum bunks at night is not only bad but foolish.
Posted on: Sat, 07 Sep 2013 17:25:17 +0000
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