Iran Current Affairs - 2019
Category Wise PDF Compilations available at This Link
India is now the second largest consumer and importer of the LPG in the world. This is attributed to government initiatives to push for cleaner alternatives to traditional cooking fuels such as firewood and cow dung.
Import of LPG
The import of LPG grew by 12.5 per cent over the past five years to 12 million metric tons (13 million tons) in 2018-19. India now stands at the second position when it comes to the import of LPG surpassing Japan. India is at second place behind China. The exporters of LPG to India include Saudi Arabia, Qatar, the United Arab Emirates, Kuwait and Iran.
Consumption of LPG
The number of active LPG consumers in India has grown at a compounded annual growth rate (CAGR) of 15 per cent – from 14.8 crore in 2014-15 to 22.4 crore in 2017-18.
Increase in population combined with LPG penetration in rural areas has resulted in an average growth of 8.4 per cent in LPG consumption, making India the second largest consumer of LPG in the world at 22.5 million tonnes.
The Ministry of Petroleum and Natural Gas estimates that LPG consumption would grow to 30.3 million tonnes by 2025 and 40.6 million tonnes by 2040.
The flagship scheme of the government Pradhan Mantri Ujjwala Yojana (PMUY) has made a significant contribution towards enhancing the penetration of LPG, especially in rural areas. The renewed targets under the Pradhan Mantri Ujjwala Yojana (PMUY) aims to provide LPG connections to 8 crore households before March 31, 2020.
INSTEX acronym of Instrument in Support of Trade Exchanges is a project of the three governments of UK, France and Germany to bypass US sanctions on Iran.
INSTEX is a special payment system which will help to save the Iran nuclear deal by allowing Tehran to keep trading with EU companies despite Washington re-imposing sanctions.
INSTEX is registered at Paris with an initial 3,000 Euros in the capital and a supervisory board with members from France and Germany and chaired by the UK. INSTEX will support legitimate European trade with Iran, focusing initially on the sectors most essential to the Iranian population such as pharmaceutical, medical devices and agri-food goods. INSTEX is primarily aimed at small and medium-sized companies.
In future, INSTEX will also be opened to third countries wanting to trade with Iran. INSTEX to be operational requires Iran to set up a parallel structure of its own.
Protecting against US Sanctions
INSTEX would receive payments from companies that want to trade with Iran, either by receiving waivers for oil imports or permissible trade in goods like food and medicine. As a result, there would be no direct transfer of funds between Iran and European companies. This would theoretically insulate firms from U.S. penalties.