ForumIAS LATEST
- Ethics Redbook 3rd Edition: A Textbook That Teaches You How to Think Ethically Click Here to Read More →
- 21 Sept. | Forum Residential Coaching (FRC) for UPSC preparation Click Here to know more →
- 21 Sept. | GS Advance Program (GSAP) for UPSC 2027 Mains starts from 10th Oct. Click Here to Read More →
Rupee pact with Iran to aid pharma exports:
News: India and Iran has signed Rupee Payment Agreement which can boost pharma export to Iran
Important Features:
Rupee Payment Agreement:
- Under the agreement Indian oil refiners deposits their import bill payment in designated account maintained by UCO bank
- 50% of amount credited could be utilized by Iran to pay for imports of goods and services from India
India’s Pharma Sector Opportunities in Iran:
- Iran meets its total 20% import from european countries which is under concern after US sanctions against Iran
- Under US sanctions some countries including India got time bound exemption for importing oil which could be used by India to boost pharma export
- India could be source of cost effective products for sanction hit Iran
Concerns:
- India’s pharma export to Iran constitute mostly of APIs (Acute Pharmaceutical Ingredients -bulk drugs) which had decline from 2015-16=$180mn to 2016-17=$160mn
Way Forward:
- Not all drugs imported by Iran are not innovator drugs and India should eye for Iran $1.3bn generic drugs
