in what we can describe as a double whammy for India restrictions over Import of oil from Iran or set to kick in today even as the US has withdrawn duty free concession under the generalized system of preference that will affect at least 50 Indian product that measures oil indicator wife of Donald Trump administration continuing drive to crackdown on what it describes as unfair trade practices and father its definition of American strategy interest which includes sanction of Iran.
the GST was designed to promote economic development by allowing duty free access to designated product from the same developing countries.
The Trump administration how was used with them with a Genetics eyes.
Withdrawing the concessions is bound to hit Indian micro small and medium enterprises m s m e s.
Already reeling under domestic moves such as demonitisation and full implementation of GST.
Meanwhile American sanction of Iran will snapback today.
This will hit Iranian oil that from a significant persons of India's energy basket.
through the US administrations has agreed to grant temporary exemptions 28 countries that import oil from Iran including India.
but this will be conditioned upon for the reduction in Iranian oil imports with the aim of ultimately bringing this down to zero.
India fail to take advantages of the good years when oil price is very low end is clear from these Nizar that India's external economic environment is turning distinctly AdWords now and American gradually tightening the screw of trade.
But every crisis present and opportunity to reform. In this respect India's need to Haridwar Car trade tips and streamline clearness for business. despite the common double jump in the latest ease of doing business ranking areas like enforcing contract and the time taken to start a business need further improvement.
labour laws continue to be astringent and must be reformed to attract big ticket for an investment.
meanwhile in the face of Iran oil card and global oil prices Rises that are expected to follow there is a case for cutting file taxes as well as relaxing domestic exploration Reform lastly with the US writing international trade normal last lighting internal trade normal it would benefit New Delhi to Washington.
It is time to get smart and fuel domestic Economic Strength.
Diwali package for medium small medium Enterprise unveiled by Prime Minister Narendra Modi last Friday is a small step in the right direction.
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