Iran said India should strengthen its backbone: Javed Zarif

Iran’s Foreign Minister Javed Zarif has said that if we look at the things in totality, the relations between Islamic Republic of Iran and India cannot be broken.

However, Javed Zarif said that India should strengthen its backbone so that it can refuse to succumb to the pressure of the US on sanctions. READ MORE

Zarif also referred to the relationship of Sufi tradition between India and Iran. Iranian Foreign Minister was saying in a conversation with journalists in Tehran.

He said that before the US sanctions, he hoped that India would become Iran’s largest oil-buying country.

He said that India should show more resistance in the face of US pressure. READ MORE

Zarif said, “Iran understands that India does not want to impose sanctions on us but similarly it does not want to annoy US President Donald Trump.

People want something else and do something else.

This is a global strategic mistake and countries around the world are doing it.

The extent to which you will accept the wrong things and it will not end and you will be forced to move towards it.

India is not already buying oil from Iran under American pressure. “

Javed Zarif said these things to a group of Indian women journalists.

Trump dropped out of the international nuclear deal with Iran last year. Trump said that Iran is running its nuclear program under the cover of the nuclear deal.

Under this agreement, the US embargo was lifted from Iran in 2015 but Trump again enforced these sanctions.

Iran’s economy has stalled badly due to US sanctions. India also stopped buying oil from Iran due to these restrictions.

Javed Zarif said, “Iran will not buy your rice if you do not buy oil from us.”

Iran had given this facility to India to pay oil in the rupee.

This was beneficial for India because it also used to maintain the strength of the rupee and did not increase the pressure on foreign exchange reserves.

Zarif also expressed disappointment with India for the slow pace in the construction of Chabahar Port.

Zarif said, “Chabahar is very important for India and Iran. Chabahar will affect regional stability.

There will be stability in Afghanistan and this means that terrorism can be tackled.”

Zarif said that Iran’s eight million population is suffering due to US sanctions.

Iran has been under constant US sanctions since the Islamic Revolution in 1979. The revolution brought an end to the rule of the West-backed ruler Shah Mohammad Raza Pahlavi in ​​Iran.

Tensions between Iran and the U. S. has increased significantly after the American powerful surveillance drone was shot down.

In such a situation, its effect is visible on the rest of the world. India, which is heavily dependent on Middle Eastern oil, is watching the war between the US and Iran with increasing apprehension.

If the tension between the US and Iran increases, it will directly affect the oil coming from Iran to India, due to which the concern of India has also increased to a large extent.

Let us know how the quarrel between these two countries will affect the Indian market.

Government data shows that India imported 84 per cent of crude oil from Iran last fiscal year.

Two out of every three barrels of total imported oil come from the crisis-hit region.

Due to this war in the Middle East, oil prices are expected to rise, it is also likely to increase the consumer price and increase the country’s external deficit.

Due to this, the country’s economic development can derail.

Indian economists say that every $ 10 increase in the price of a barrel of crude oil in the country increased India’s current financial deficit by as much as 0.4 per cent of GDP.

He said the country is already struggling to find an alternative to the Iranian barrel due to US sanctions.

According to government data, India has imported about 10 per cent of the oil from Gulf countries in the financial year ended in March.

The fall of American drones from Iran and the attack on tankers near the Persian Gulf has brought the two countries to the brink of war, causing Brent crude to cost much less in mid-June, but now it has risen by about 8% has gone.

India has 391 million barrels of oil as an emergency crude reserve, which is enough for only 9.5 days. By comparison, China is estimated to have reserves of about 55 million barrels, while the US has 64.5 million barrels of oil.

India’s economic growth, which was Asia’s fastest-growing economy until recently fell to 5.8 per cent in the last three months of FY 2018–19 from the previous year.

This figure is significantly lower than the 6.3 per cent estimate of the Bloomberg survey. Inflation was 1.97 per cent in January, which rose to 3.05 per cent by May.

The country is struggling with increasing levels of unemployment and problems of the country’s banking system is also being exposed. In such a situation, inflation may increase due to lack of oil.

Prime Minister Modi is trying to solve this problem between the two countries and plans to add two new reserves with a combined capacity of 47.6 million barrels.

Originally published at https://www.mubahisa.in.