♤ India is the second largest buyer of Iranian crude after China and Iran was the third largest supplier of crude to India (April-Sep 2016).

♤ The India-Iran bilateral trade during the fiscal year 2015-16 was USD 9.054 billion. India imported USD 6.2 billion worth of goods mainly crude oil and exported commodities worth USD 2.7 billion.

♤ Major Indian exports to Iran include rice, tea, iron and steel, organic chemicals, metals, electrical machinery, drugs/pharmaceuticals, etc.

♤ Major Indian imports from Iran include petroleum and its products, inorganic/organic chemicals, fertilizers, plastic and articles, edible fruit and nuts, glass and glassware etc.

♤ Indian exports to Iran have steadily declined from $4.9 billion in 2013-14 to $2.379 billion in 2016-17, increasing the trade deficit. There is need to address the problem of declining Indian exports to Iran by putting in place a robust payment mechanism.

♤ A provision for investments in rupees has already been made between the two countries to take care of contingency if dollar payments are stopped because of sanctions.