US-Iran peace pact a major breakthrough, global economy to rebound: Industry
New Delhi, June 15
Business chamber Assocham on Monday welcomed the peace deal between the USA and Iran as a major breakthrough that would benefit the entire world and bring the global economy back on the growth path.
Assocham president Nirmal K Minda said, "The peace deal had been awaited for many weeks. This is a major breakthrough between the USA and Iran for the benefit of the whole world, as war benefits no one."
"India, though it mitigated the West Asia war impacts to a large extent, is expected to rebound strongly to attain its trend growth rate in the current financial year 2026-27. We can expect India to clock a growth rate of 7 per cent in FY2026-27 with dynamic and effective policy measures of the Government of India and the Reserve Bank of India in recent months," he observed.
The peace deal is expected to bring the global economy back on track and to achieve the earlier estimated GDP growth rate, he added.
US President Donald Trump while welcoming the peace agreement, said in a social media post that the Strait of Hormuz would be open to commercial shipping and the US would lift its naval blockade.
"Let the oil flow!" Trump remarked on Sunday. He went on to claim that, in contrast with the failures of past US presidents, he secured a "great deal that would bring peace and security to the whole region."
US Vice-President JD Vance said in an interview with Fox News that Iran never possessing a nuclear weapon was "built into this agreement" and that the US will be able to verify compliance.
Questions over crucial issues including the restrictions that have to be imposed on enrichment uranium and the stockpile of highly enriched uranium with Iran are expected to be sorted out in subsequent talks.
In his comments, Vance also mentioned the hardship that US citizens had go through due to higher fuel prices and their cascading adverse impact on the economy.
He assured the American people that fuel prices would start coming down. Iran's Supreme National Security Council released a statement on Sunday saying that "final negotiations will be postponed until after the implementation of the other party's commitments under the memorandum of understanding".
— IANS
Reader Comments
Great to see diplomacy winning over war. As an Indian, I'm just relieved this means stability for the region and lower fuel prices for us. We import so much oil from the Gulf, any conflict there hits our economy hard. Let's hope this peace is sustainable and Iran's nuclear ambitions are truly addressed.
"Let the oil flow!" - Trump's words are classic. But let's be honest, this deal is more about economics than peace. The US wants oil prices down before their elections. Still, if it brings stability and India hits 7% growth, I'm not complaining. Just hope our government is ready to capitalize on this opportunity.
As someone working in the logistics industry, this is huge! The Strait of Hormuz being open means our shipping costs could drop significantly. No more rerouting around Africa! India's trade with Europe and the Middle East will benefit massively. Let's just hope the verification part about Iran's nuclear program is strong enough to prevent future crises.
Happy for the world, but cautiously optimistic. We've seen so many deals fall apart in West Asia. The devil is always in the details - especially about enriched uranium stockpiles. For India's sake though, I hope this works. We really need that economic boost after the pandemic years. Fingers crossed! 🤞
A welcome development, but I'm skeptical about Trump playing peacemaker. His administration's track record with international agreements is... let's say inconsistent. The real test will come when we see if Iran actually abides by the uranium enrichment limits.
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