 "export")
India’s exports to Iran have been falling over the last one year, amid decline in rupee reserves of the West Asian economy.
Going ahead, the possibility of augmenting exports to Iran may not be easy for India, considering the geopolitical tensions —Russia-Ukraine and Israel-Hamas conflicts — and the West Asian country’s support for Russia and Hamas, people aware of the matter said.
Exports to Iran saw a downward spiral since November last year. During calendar year 2023, outbound shipments to Iran contracted nearly 44 per cent to $888 million during January-October.
The decline has been led predominantly by basmati rice, along with high-quality
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