India-Iran: India has always given food grains to the people of Gulf countries in times of trouble. Especially when there was a wheat crisis in these Muslim majority countries between the war between Ukraine and Russia, India also exported wheat to them. At the same time, India sent rice to a big Muslim country in the Gulf in times of need. But when 700 crore rupees were borrowed from this country, India clearly said that first return the borrowed money, then we will export rice. Indian companies have said two takes to repay the loan to this country.

Shia-dominated country Iran’s currency Riyal has registered a huge decline at this time. Because of this, it has become extremely difficult for the government to import goods from Iran. The Indian companies that sell rice to these Muslim countries, Iran, owe Rs 700 crores. But Iran is not able to pay them due to currency crisis. Actually, Iran is a big rice buying country of India. In the last financial year, a quarter of the total basmati rice exported from India was sold to Iran.

After Pakistan, the economy of this Muslim country is also getting shaky. Due to the heavy fall in the value of Iran’s currency and rising inflation, Iran has also started moaning. Indian companies selling rice to this Islamic country have decided not to send rice to Iran without a letter of credit or cash.

Iranians are not able to buy essential things even in Ramadan

Due to inflation, Iranian citizens are not able to buy essential goods in sufficient quantity even during Ramadan. The problem of inflation is that people are comparing prices between shops before buying the same. Even after this many times they have to take a decision as to which item they can live without this week.

700 crore loan outstanding on Iran

According to media reports, Indian rice exporters owe about Rs 700 crore to Iran. The All India Rice Exporters Association ie AIREA has informed the Government Trading Corporation of Iran about its decision. AIREA has told the Iranian Government Trading Corporation that Iran has also failed to pay for the latest exports. This consignment was sent to Iran during January-March. However, there has been no response from the Iranian government on this decision of Indian rice exporters.

Iran basmati rice market

Iran is considered an important country for India in terms of foreign trade. Iran is also a big market for India for basmati rice. In the last financial year, a quarter of the total basmati rice exported from India was sold to Iran.

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