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India-Iran Relation: Since last week, there have been reports of change of power in Britain and Iran. Keir Starmer won a big victory in the UK elections. Then Masoud Pezeshkian became the new President of Iran after defeating hardliner Saeed Jalili. The post of President had become vacant after the death of then President Ibrahim Raisi in a helicopter crash in May.
Relations between Iran and India have been questioned since Pezeshkian came to power
Pezeshkian said, I join you and swear that I will never leave you alone, never leave you. Pezeshkian did not even talk about bringing changes in Shia religion. But some hijab laws could be implemented during his reign. Pezeshkian's coming to power raises many questions on Iran-India relations and Iran's foreign policy.
Iran's presidential election took place amid the war between Israel and Gaza
The West will be watching Pezeshkian's next move amid fears over Tehran's growing nuclear program. According to the report, Pezeshkian's victory could ease relations between the West and Iran. On the other hand, Iran's presidential election took place at a time when there was tension in West Asia, with a war going on between Israel and Gaza. However, Pezeshkian is unlikely to change Iran's policies in any way.
India's crude oil imports stopped due to America's nuclear program
India and Iran have had good relations for decades. The relationship between Tehran and New Delhi is seen through trade and relations between the two countries. On the other hand, ahead of the United Arab Emirates (UAE), Iraq and Turkey, Iran is one of India's largest trading partners. Iran is a major source of crude oil for India. But due to the nuclear program imposed by the US on Iran's Tehran, New Delhi has stopped importing Iranian crude oil. In such a situation, if Pezeshkian succeeds in negotiating with West Asia on the nuclear dispute, the economic sanctions imposed will be eased, which will be in the interest of Delhi.
Trade between India and Iran has decreased by 26 percent in one year
According to a report by Iran International, an Iranian trade official said that due to the imposed sanctions, trade between India and Iran has declined significantly. In which trade between the two countries has decreased by 26 percent in a one-year period of 2023. At the same time, according to the Ministry of Commerce and Industry of India, trade was $ 1.836 billion last year and $ 2.499 billion in 2022. India and Iran are also keen to cooperate on connectivity projects such as the International North-South Transport Corridor (INSTC) and Chabahar Port.
India signs 10-year contract to develop and operate Iran's Chabahar port
In May, India signed a 10-year deal to develop and operate Iran's Chabahar port. New Delhi supported the project despite US sanctions. The port could boost India's foreign trade by providing an alternative route to strengthen trade ties with Afghanistan and Central Asian countries.
India offers $250 million to upgrade Iran's infrastructure
India plans to invest $120 million to develop and operate the Shahid-Beheshti port in Chabahar and has offered a $250 million credit line to upgrade Iran's infrastructure. INSTC is a 7200-km long multi-mode transport corridor that connects India to Russia via Iran. The project will enhance India's energy security and boost trade with Central Asia.
Narendra Modi congratulated
Pezeshkian can be expected to strengthen relations with India. According to reports, world leaders are 'likely to welcome' him. Meanwhile, Prime Minister Narendra Modi congratulated Pezeshkian on his victory.