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    COVER STORY                                                               JULY 03, 2026    |  The Indian Eye                    5

            power generation, supporting the gov-                                                                 Cooperation  and   Sustainability,”
            ernment’s broader economic growth                                                                     while the Energy Track focuses on
            agenda.                                                                                               “Energy for All.”
                 Strategic diversification                                                                            The grouping now comprises 11
                                                                                                                  members—Brazil, Russia, India, Chi-
                 ince  sanctions  halted  Iranian                                                                 na, South Africa, Saudi Arabia, the
                 imports in  2019, India  has re-                                                                 UAE, Egypt, Ethiopia, Indonesia and
            Slied  more heavily on suppliers                                                                      Iran—representing nearly half the
            such as Iraq, Saudi Arabia, Russia and                                                                world’s population and around 40 per
            the UAE. Russia emerged as India’s                                                                    cent of global GDP. For India, BRICS
            largest supplier following the Ukraine                                                                provides an important multilateral fo-
            conflict,  offering  discounted  crude                                                                rum where cooperation with Iran can
            that significantly reduced India’s im-                                                                continue even amid evolving geopolit-
            port bill. However, policymakers have                                                                 ical dynamics.
            consistently  argued  that  diversifica-                                                                  Energy security remains one of
            tion—not  dependence  on  any  single                                                                 the organisation’s highest priorities,
            supplier—is the cornerstone of India’s                                                                and Iran’s vast oil and gas reserves
            energy security.                  Union Minister for Petroleum and Natural Gas Hardeep Singh Puri meets Iran Petroleum Minis-  make it a significant participant. Pa-
                A reopened Iranian market      ter Mohsen Paknejad on the sidelines of the 11th BRICS Energy Ministers’ Meeting, New Delhi   knejad also addressed the BRICS
            would further strengthen that strat-                on Thursday (@HardeepSPuri X/ANI Photo)           Energy Ministers’ Meeting, outlining
            egy. India would gain another major                                                                   Iran’s positions on key challenges fac-
            supplier capable of providing substan-  major  economies  and  an  important   where in the region.   ing the global energy sector.
            tial volumes while increasing flexibility   long-term investment partner.  A  more  stable  US-Iran  relation-  Balancing diplomacy
            during global supply disruptions.                                   ship could also reshape regional geo-
                Energy analysts note that diversi-  Reduced strategic leverage for                                      ew Delhi, however, is likely to
            fied sourcing also improves resilience        Pakistan              politics in ways favourable to India. For   proceed cautiously. India has
                                                                                decades, Pakistan has benefited strate-
            against geopolitical shocks, shipping   erhaps the most significant stra-  gically from its geography as an import-  Ncarefully balanced its relations
            disruptions or price spikes affecting   tegic dividend would involve   ant transit route linking South Asia,   with  Iran,  the  United  States,  Israel
            individual producers.             Pconnectivity. India has invest-  Afghanistan and parts of West Asia.   and the Gulf Arab states over the past
              Beyond oil: broader economic    ed heavily in Iran’s Chabahar Port,   Greater utilisation of Iranian transport   decade. Washington remains India’s
                      cooperation             which provides access to Afghanistan   corridors—especially Chabahar—re-  most important strategic partner in
                                              and Central Asia while bypassing Pa-  duces India’s dependence on Pakistani   areas ranging from defence and tech-
                 aknejad’s visit was not limited   kistan. The project has faced repeated   territory for regional connectivity.  nology to trade and the Indo-Pacific.
                 to hydrocarbons.During meet-                                                                         At the same time, Iran occupies
                                                                                    Additionally, closer  India-Iran
            Pings in New Delhi, both coun-    uncertainty because of sanctions and   ties could create new economic part-  an important place in India’s regional
                                              regional tensions.
            tries discussed expanding bilateral   A stable diplomatic environment   nerships  independent  of  Pakistan’s   strategy because of geography, ener-
            investment and exploring wider eco-  could accelerate development of   regional  influence.  While  Islamabad   gy resources and connectivity. Indian
            nomic opportunities. Iran has repeat-  Chabahar and improve integration   is also seeking stronger relations with   diplomacy has consistently sought to
            edly signalled its willingness to deepen   with the International North-South   Tehran, India’s larger economy and en-  maintain constructive relations with all
            commercial engagement with India.   Transport Corridor (INSTC), linking   ergy requirements provide a broader   sides while avoiding zero-sum choices.
            Paknejad said discussions would cover   India with Iran, the Caucasus, Russia   foundation for long-term cooperation.  If sanctions are eased through a nego-
            bilateral issues as well as broader co-  and Europe.  For Indian exporters,                           tiated settlement, New Delhi would
            operation in economic sectors.    improved  connectivity  would  reduce   BRICS provides another platform  gain greater room to expand coopera-
                The Iranian Embassy also said the                                                                 tion with Tehran without jeopardising
            minister met Union Minister Mano-  logistics costs while opening new mar-  he diplomatic engagement also   its broader strategic partnerships.
                                                                                      reflects the growing importance
                                              kets across Eurasia.
            har Lal on the sidelines of the BRICS   The corridor also offers an al- Tof BRICS. India’s 2026 BRICS     The emerging diplomatic open-
            Energy Ministers’ Meeting, with both   ternative to routes dominated by Pa-  presidency has adopted the theme   ing does not guarantee immediate
            sides emphasising expanding bilateral   kistan or affected by instability else-  “Building for Resilience, Innovation,   changes. Any long-term agreement
            cooperation in the energy sector.                                                                     between Washington and Tehran
                The renewed diplomatic engage-                                                                    would still require implementation,
            ment extends beyond energy. Iranian                                                                   verification  and  political  support  in
            representative Mojtaba Khazaei re-                                                                    both countries.
            cently participated in the First BRICS                                                                    For  India,  the  potential  benefits
            MSME Forum in Agra, where mem-                                                                        extend well beyond oil. Affordable
            ber countries discussed strengthening                                                                 energy, diversified imports, improved
            small business ecosystems, expanding                                                                  connectivity, stronger trade, enhanced
            trade cooperation and sharing policy                                                                  regional access and reduced depen-
            experiences. Such exchanges suggest                                                                   dence  on  routes  influenced  by  Paki-
            both countries are preparing for broad-                                                               stan together represent a strategic
            er commercial engagement should                                                                       opportunity that New Delhi has not
            international  conditions  permit.                                                                    enjoyed for several years.
                Potential sectors include petro-                                                                      If the current diplomatic momen-
            chemicals, fertilisers, pharmaceuticals,                                                              tum translates into a lasting US-Iran
            engineering goods, information tech-                                                                  agreement, India could emerge as one
            nology, agriculture and infrastructure.   A large number of Iranian delegations have been to India in recent days to participate in   of its biggest economic beneficiaries—
            India has long viewed Iran as a gate-  BRICS-related meetings and to interact with their Indian counterparts (X/Embassy of the Islam-  strengthening both its energy security
            way to Central Asia, while Tehran sees                ic Republic of Iran in India/ANI Photo)         and its long-term geopolitical position
            India as one of Asia’s fastest-growing                                                                across West Asia and Eurasia.

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