How India stands to benefit from the Iran Nuclear Deal

 The Iranian foreign minister and the P5+1(Security council and Germany), also known as E3+3(Europe 3+US,Russia and China) announced that they had reached a 'framework agreement' to take forward their twin objectives of reducing Iran's nuclear capabilities for civilian use only, while lifting the financial sanctions imposed on it by US, UN and the European Union. As per the agreement, Iran will limit Uranium enrichment to only one facility (Natanz). It has consented to redesign the plutonium heavy-water reactor at Arak so it cannot produce weapons-grade usable fuel while the enrichment site at Fordo will be converted to a research facility and production of medical isotopes. Uranium stocks will be also brought down from ten thousand kilograms to three hundred kilograms LEU(Low Enriched Uranium). While Saudi Arabia has decided not to comment on the developments, Israel has vociferously opposed the move on the grounds that any type of nuclear development facility in Iran will be used for developing nuclear weapons and a nuclear equipped Iran is a threat to world peace. 

The lifting of financial sanctions will give a boost to the Iranian economy which has been lagging since the imposition of these sanctions. Iran has been one of the major oil suppliers to India, and before the imposition of the sanctions Iran was the second-largest supplier of crude oil to India. The financial sanctions were a setback to India as much as it was for Iran. Though India still kept importing oil from Iran despite the financial sanctions, transactions became difficult as India had to pay Iran through Turkey and Russia. Iran, on the other hand, had to accept the payments in Indian currency and consequently has large reserves of unused Indian rupees. The agreement is a welcome move for India and there is already news of some Indian companies planning to import oil from Iran. The agreement will once again revive India's trade with Iran which will be economically beneficial to both the nations. India will also use this opportunity to bring up the Chabahar deep-sea port which will be a major breakthrough as it can become an important transit point for trade between India, Iran and Afghanistan. The Chabahar port will facilitate trade between India and Iran by totally bypassing Pakistan. With so many trade opportunities opening up for India, it stands to gain a lot from this agreement.