New Delhi: Apart from slashing oil imports from Iran, India is also ramping up its oil and gas and defence equipment purchases from the United States in order to get the country to extend the waiver granted to it for limited import of Iranian oil. Iran, which used to be India's third-largest source of crude oil imports, has slumped to the eighth spot after US-imposed sanctions took effect. India's crude purchases from Iran was reduced by 60 percent y-o-y in February.
India woos US, promises oil and defence equipment purchase to get waiver extension on Iran
India has promised US that it would buy oil and gas worth US$5 billion from the country every year and expedite some US$18 billion worth of defence equipment
