Iran along with the United States of America and five others sealed a breakthrough framework agreement in which limits were outlined on Iran's nuclear programme. This breakthrough in a nut shell would mean that Iran will not be able to produce atomic weapons a concern that was raised primarily by the West. [India welcomes Iran N-agreement]
Many including India have hailed the deal. Under US pressure India had not imported oil from Iran in the month of March which was a first in a decade. This agreement would ensure that India will import from Iran in large quantity. [Iran N-deal: Obama reassures Israel]
How India stands to gain:
After China, India was the biggest buyer of oil from Iran on an annual basis. Due to the refusal by Iran to talk on the nuclear agreement, there was immense pressure from the US to virtually blacklist Iran. India which relied heavily on the Oil import from Tehran had gradually reduced import largely due to pressure from the United States of America.
In the month of March India did not import any oil from Iran. This was in fact for the first time in the past ten years that India had not imported oil from Iran. Moreover the sanctions had restricted Iran's exports to just 1 million barrels per day.
For India this agreement has come as a boon. India says that it has always maintained that the Iran nuclear issue should be sorted out peacefully. Iran's right to peaceful use of its nuclear energy must always be respected India has maintained.
India says that the announcement benefits all and India has always supported a peaceful resolution to the problem. On the oil imports, India says that the issue would be studied as Iran and the other nations reach a comprehensive agreement which is likely to come out by June 30th.
Ideally this deal would mean that there would be no sanctions on Iran and this would ensure that they could export over 1 million per day barrels per day. Due to the sanctions Iran's oil export was restricted to just 1 million barrels per day.
Relief from sanctions:
Many had expected that this deal would go through. Pressure from a falling economy was one of the key reasons why Iran came to the talking table.
As a result of this agreement, Iran would now get relief from sanctions. The US says that it is confident that Iran would abide by the agreement and if it fails to then the sanctions can be put back.
As per the agreement, Iran will reduce its installed centrifuges - used to enrich uranium - by two-thirds and reduce its stockpile of low-enriched uranium. The centrifuges that are no longer in use will be placed in storage, monitored by the International Atomic Energy Agency (IAEA).The framework agreement also states that Iran will redesign its heavy-water reactor in Arak so that it cannot produce atomic weapons. In addition to this Iran's nuclear facilities will be subject to regular IAEA inspections.
If this agreement is adhered to and a final agreement reached on June 30th, then it would signal the return of Iran oil into the world market. Moreover with the world becoming dangerous with each passing day, this agreement would also ensure that Iran will not be a nuclear threat.