Iran has agreed to supply crude to India, accepting 45% of the payment in Indian rupees. Iran can utilize the rupee account to import Indian machinery, metal products,clothes, fibre, etc etc. Do you see prospects of enhanced trade between India and Iran in the wake of the US led isolation of Iran?
I think this arrangement could be in place, as long as the UN Security Council Resolutions on Iran are in force. Whether this arrangement would alone be providing the impetus for enhanced trade between the two countries is something that will evolve over a period of time and cannot be a guarantee. In this process, we are antagonising the west for sure, due to our own compulsions. It could work for India's advantage - in the sense that for crude imports, we need not pay them fully in Dollars. That is a big plus.