Economic sanctions slapped on Iran because of its nuclear programme have been lifted as it was supposed to comply with the unclear deal in July. But Washington has imposed fresh sanctions over its nuclear missile programme. US has only suspended, not lifted sanctions. Its non-nuclear sanctions continue preventing American citizens and firms from doing business with Iran. It has led other countries to be hesitant about investment. Nevertheless, Iran is back in business ready to increase production and export of oil, access to capital and investments and utilise its 100 billion dollars of its assets now unlocked. Iran’s isolation has so far been a major factor in West Asia thwarting moves to tackle the civil war in Syria and ISIS atrocities.
Iran’s President, Hassan Rouhani has been doing its best to be close to US President Obama but its ordeal is not over. Iran is suffering from high inflation, unemployment, corruption and economic mismanagement. The low price of its oil may reduce gains from increasing sales. Rouhani has enemies at home and Iran’s entry into the oil market has antagonised oil-rich countries like Saudi Arabia. The Shia-Sunni divide has botched a Saudi proposal or an alliance against the ISIS. India is interested in Iran coming in from the cold as the latter is the second largest supplier of oil. Iran is also an attractive investment destination for India. India must not allow China and Japan to get ahead of it in the foray into Iran.