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Iran nuclear agreement: Why its a good news for Indian economy

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By Sakchi Srivastva

A big step has been taken by the West and Iran after they signed a tentative agreement which deals with curbing Iran’s nuclear program for at least a decade. This outcome was possible after the conclusion of marathon talks which took place in Switzerland for 8 days.

“And after many months of tough and principled diplomacy, the United States – joined by the United Kingdom, France, Germany, Russia, China, and the European Union – achieved the framework for a deal,” Barack Obama said.

This breakthrough agreement has put a full stop at all the allegations and doubts on Iran’s status of seeking to build a nuclear bomb. It is the first utilitarian deal signed in 12 years between the west and Iran. Iran has agreed to not enrich its uranium over 3.67 per cent for at least 15 years.

India, which is Iran’s second-biggest buyer on an annual basis after China, has been gradually reducing its oil imports from Tehran under US pressure. For the first time in a decade, India did not import any oil from Iran in March. But now after the deal India will embrace large quantity of oil from Iran.

Here’s how the deal pans out for India.

  1. Iran’s export was restricted to 1 million barrel per day. It was a very difficult situation for our country. But now this deal has come as a boon.
  2. Friendly relations with Iran could prove to be India’s launch pad in the wealthy West Asian market for our manufactured goods.
  3. Import of oil from Iran will also keep price shocks at bay.

“India has always maintained that the Iranian nuclear issue should be resolved peacefully by respecting Iran’s right to peaceful uses of nuclear energy as also the international community’s strong interest in the exclusively peaceful nature of Iran’s nuclear programme. The announcement yesterday underlines the success of diplomacy and dialogue, which India has always supported and which we hope would lead to a comprehensive agreement by June 30, ”
the external affairs ministry said in a statement.

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Chinese Behemoth BBK Group Dominates Xiaomi in Smartphone Market

This year, the group has infused another brand called iQOO in the competitive Indian market that will be the first

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Xiaomi
In comparison, Xiaomi grew 5 per cent year-over-year in 2019 driven by expansion in the offline and strong performance of its Redmi Note series. Wikimedia Commons

Chinese behemoth BBK Group, the parent company of OPPO, Vivo, Realme and OnePlus brands, dominated the India smartphone market with 37 per cent share for the full year 2019, compared to 28 per cent of Xiaomi, reveals latest data from Counterpoint Research.

In the fourth quarter of 2019, the BBK Group captured a mammoth 43 per cent share in the India smartphone market while Xiaomi had 27 per cent share.

While Vivo’s market share grew to 16 per cent in the calendar year 2019 from 10 per cent in 2018, realme’s share grew to 10 per cent in 2019 from 3 per cent in 2018, OPPO’s share grew to 9 per cent in 2019 from 8 per cent in 2018. With 29 per cent growth in market share, OnePlus also became one of the fastest growing smartphone brands in India in 2019.

While Realme grew a massive 255 per cent in 2019, Vivo registered 76 per cent growth and OPPO 28 per cent, In comparison, Xiaomi grew 5 per cent year-over-year in 2019 driven by expansion in the offline and strong performance of its Redmi Note series.

“India now has emerged as the biggest market for Xiaomi, surpassing its home market China in 2019. However, the growth rate has declined to single-digit as Xiaomi is now serving a much larger installed base in India,” according to the data.

Vivo’s stunning growth in 2019 was driven by good performance of its budget-segment series. “Also, by successfully pivoting to online and aggressively positioning the S series in the offline segment with new features, it managed to make a dent in Rs 15,000-Rs 20,000 segment,” said Counterpoint.

Overall, in the fourth quarter of 2019, the BBK group captured a mammoth 43 per cent share in the India smartphone market. Interesting here to note is that the BBK Group does not seem to be resting on its laurels.

This year, the group has infused another brand called iQOO in the competitive Indian market that will be the first, 5G-ready premium device in the country and would take on Xiaomi’s new sub-brand POCO.

Xiaomi
In the fourth quarter of 2019, the BBK Group captured a mammoth 43 per cent share in the India smartphone market while Xiaomi had 27 per cent share. Wikimedia Commons

The iQOO brand — which already has six devices in its portfolio in China with the most recent one being the iQOO Neo 855 Racing — would work as a separate legal entity in the country. With this brand, the BBK Group will now have five brands — OnePlus, Vivo, OPPO, Realme and now iQOO — to take on its rivals in India in 2020.

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“We aim to sell 10 lakh iQOO devices next month in India. It will be 100 per cent ‘make in India’ premium device focused on strong performance, design innovation and 5G-ready,” Gagan Arora, Director-Marketing, iQOO India, recently told IANS. (IANS)