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Ever since the war between USA and Iran broke out in February this year, India has faced the indirect consequences even though it had not supported either sides. This is because the vital sea route Strait of Hormuz, through which India gets a massive amount of its energy, was blocked. As a result of the shutdown, oil prices soared and hit everyday Indian middle and lower income households hard.
In the last three months, the price of oil nearly doubled. This forced the Indian government to scramble for fuel and caused the price of household cooking gas (LPG) to jump by 60 rupees per cylinder. The petrol and diesel prices also surged effectively by more than 7 rupees each. Both these everyday combustibles turned out to be a big burden to both commoners and businesses as well amid rising inflation costs.
A peace deal will reopen the shipping lanes, naturally bringing global oil prices down. For ordinary families, this means relief from high fuel costs and a lower monthly budget. India’s inflation has been stuck at a high 4.9% due to the conflict. A drop in oil prices will immediately help lower inflation, making groceries and daily essentials cheaper.
Also, the urea costs kept on increasing exponentially after the start of the war due to which farmers of all sectors suffered significant losses. Lowering conflict tensions means fertilizer prices will stabilize, which is great news for Indian farmers and the country’s food supply.
Not just the common man, the government of India will also see the peace deal as a big opportunity to revive its economic activity. Moreover, it will get a chance to resume the long stalled Chabahar project.
Years ago, India invested heavily in building the Chabahar Port in Iran. This port is highly strategic because it allows India to bypass Pakistan to trade directly with Afghanistan, Central Asia, and Russia. Due to war, India stopped negotiations with Iran as USA threatened to impose heavy sanctions on those countries which are supporting its enemies in any manner.
If the peace deal is signed on coming Friday, it will lift these restrictions, allowing India to safely run the port and open up highly lucrative, fast trade routes to the rest of the world.
Tags Iran us deal
