As part of the deal, the world powers decided to lift the economic sanctions that had kept Iran away from international banking and the global oil trade.
It allowed Iran to make purchases of commercial aircraft and reach other business deals.
It also unfroze billions of dollars that Iran had overseas.
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Revival of Deal & Its Implications for India
India hopes the removal of sanctions with the revival of the deal will make it easier and economical for companies to send shipments to Iran.
Many of the big Indian pharmaceutical and textile businesses were reluctant to deal with Iran due to the sanctions. With the deal revival, Indian companies can invest there which can boost Indian exports.
Normalization of ties between the US and Iran will help India to procure cheap Iranian oil and aid in energy security.
The revival of the deal will revive India’s interest in the Chabahar Port which will give a boost to regional connectivity.
Further, India’s involvement in Chabahar Port will neutralize the Chinese presence in Gwadar port, Pakistan.
India has been a founder of the International North-South Transport Corridor (INSTC) since its ratification in 2002.
INSTC starts from Iran and aims to cut right across Central Asia to Russia over a 7,200-km multi-mode network, cutting down transportation and time taken by trade by about 30%.
Plans for INSTC will speed up if the JCPOA gets revived and sanctions on Iran get lifted.
News Source: The Indian Express
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