Iran Nuclear Agreement
1)
The joint comprehensive plan of action(JCPOA) on Iran’s nuclear
programme announced by Iran and the EU 3+3 (the United Kingdom, France, Germany
along with China, Russia and the United States) is a significant breakthrough
that will have long-lasting implications globally.
2)
A “framework agreement” will take forward twin objectives of
reducing Iran’s nuclear capabilities for civilian use only, while lifting financial
sanctions imposed by the U.N., the European Union and the United States.
3)
Steps to be taken by
Iran :
i.
ramping down its uranium enrichment capabilities and stockpiles of
enriched uranium : bring
uranium stocks down from 10,000 kg to 300 kg LEU (low enriched uranium)
ii.
reducing the number of centrifuges : Iran will reduce the number
of installed centrifuges by two-thirds
iii.
allowing for thorough inspections by the International Atomic
Energy Agency : All the excess stockpile
and nuclear parts will be kept at an IAEA-monitored location
iv.
giving up nuclear reprocessing : turn its nuclear facility in
Fordow into an R&D facility for 15 years
4)
What will Iran get in
return?
Ø the U.N., the U.S. and
the EU will withdraw all sanctions that have crippled the Iranian economy for
years
India's
response to deal
1)
India hailed the agreement reached between Iran and the P5+1 group
— U.S., U.K., France, Russia, China and Germany, calling it a “significant step” towards a
comprehensive settlement.
2)
Problems faced by
India due to sanctions :
a)
Even the most normal transactions had become very tedious for
Indian businesses, from insurance to raising capital, every deal faced
international hurdles.
b)
Extremely high Balance of Trade problems : India and Iran have an
annual bilateral trade of about $14 billion. India has been unable to pay Iran
about $8.8 billion for oil due to sanctions.
c)
India had to cut its oil imports from Iran, and in March 2015
halted oil imports altogether for the first time in more than a decade in order
to keep its international commitments.
3)
Once the deal is
finalised, India could stand to benefit greatly :
a)
A significant withdrawal of sanctions, would benefit our economic engagement greatly
b)
Economists are predicting India-Iran trade could double.
c)
In the short run, the big advantage for India could be a further
reduction in the price of oil that India used to source at a much higher
quantity pre-2012, when Iran was India’s second biggest supplier.
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Centre
extends deadline for implementation of NFSA for third time
1)
The Centre has given another six months to the States for rolling
out the National Food Security Act (NFSA).
Ø The deadline has already
been extended twice earlier.
2)
Only 11 States and Union Territories have so far implemented the
Act passed in 2013.
Ø only Punjab, Haryana,
Rajasthan, Himachal Pradesh, Madhya Pradesh, Bihar, Chhattisgarh, Maharashtra,
Karnataka, Delhi and Chandigarh have so far implemented the Act
3)
NFSA, 2013 aims at providing a legal entitlement to 5 kg of
subsidized foodgrains a person per month at Rs 1-3 a kg to two-thirds of the
country’s population.
4)
The Centre had warned the States that it would stop the supply of
subsidized APL foodgrains if they failed to meet the April deadline.
5)
To ensure proper distribution of PDS supplies, the Centre had decided to give a fixed cash
amount of Rs. 87 per quintal, to be contributed equally by the Centre and the
State, to ration shop dealers.
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