The Hill News

India is dependent for its economic future not just on exports, but on imports, particularly oil. Like many nations, India depends on foreign-produced crude to sustain its impressive growth. And as has been widely reported, Iran has been a large supplier of oil to India.

India understands the current political situation involving Iran. It knows that its allies â€" led by the U.S. - have decided to impose economic sanctions against Iran as a way to discourage its development of a nuclear-weapons program. As a result, India is taking serious and measured steps to diversify its oil imports to reduce its dependence on Iranian crude.

India’s critics accuse it of sleeping with the enemy by continuing to have any trade relationship with Iran. But what they don’t see â€" or fail to acknowledge â€" is that India has reassessed all of its business dealings with Iran and is changing its policies as a result. It is, in fact, scaling back its oil imports fr! om Iran â€" steadily and surely.

Read more...