- After almost four months of madness in West Asia/Middle East perpetrated by the uncalled-for war waged by the US/Israel duo on Iran, finally, some better sense prevailed, resulting in the ceasefire between the warring factions. The whole world was waiting with bated breath to witness the much-delayed but long-awaited truce between the nations at war, wanted by none. The global community has endured so much economic distress in the last few months that every country has been severely hampered by the inflationary trends courtesy of disruptions in the crucial energy supplies. As Prime Minister Narendra Modi so aptly mentioned not so long back, there are no winners in the war, and it’s not the time to wage one either. How true it is! What next?
PC: Hindustan Herald
- The Indian government should make every effort to reset the country’s energy requirements by initiating measures to start investing in and trading with Iran once Tehran is out of America’s bad books. With the US and Iran signing their MoU for peace, does it mean peace is inevitable? Hopefully yes. However, with Trump’s by now familiar rhetoric, “we’re going to bomb the hell out of them if they violate the agreement”, bets may prove premature. Besides, Trump’s warning defies the MoU’s first point: “To refrain from the threat or use of force against each other.” Other potential triggers, like Israel’s strikes on Lebanon, cannot be neglected either, as that could derail a deal. But for the moment, at least peace has a chance, and India should plan. How so?
PC: News18
- Opportunities in a rehabilitated Iran would be available. Despite decades of sanctions, Iran is not poor by any stretch of the imagination. Its per capita GDP in 2024 was roughly double India’s. It’s also large and populous and has ancient cultural ties with us. Yet, even before the war, our exchange with it had dwindled. Our main export, rice, was down to $698mn, from $1.2bn in 2018. As for our imports, we had completely stopped buying oil and gas from Iran in 2019, under threat of US sanctions. But, before that, Iran used to be among our top three energy suppliers. Now that the MoU promises to lift sanctions on Iranian oil and gas, we should resume imports forthwith. There’s a cost advantage in this, as Iran is our closest Gulf neighbour. We should explore this!
PC: KNN India
- Further, there’s also a strategic benefit. If Hormuz is ever closed again, Iranian energy can continue flowing to India via the southeastern port of Chabahar. Recollect how India proposed to develop Chabahar in 2003, as its gateway to Iran, Afghanistan, Central Asia, and Russia, bypassing Pakistan, but has been stymied for various reasons. We should see the project through this time and aim to be part of the $300bn reconstruction and development plan for Iran, mentioned in the MoU. Beyond that, Iran’s underfunded hydrocarbon sector is an opportunity. We need oil and gas – Iran has the third and second largest reserves, respectively. What it lacks is infra to extract them. Now, Indian leadership must pursue its interests with greater determination. Period.
