The volume of Indian-made engineering goods exported to Iran more than doubled to $516 million, compared to the same period last year, for which the figure stood at $256.Due to western sanctions, many Iranian traders had to shift their trades to other countries. India is an attractive destination as it is not very far from Iran.Given the price and cost of competitiveness and specifically the allocation of Indian currencies by the Central Bank of Iran for the goods with Indian certificate of origin – governmental exchange rates are lower than the free market price – India has turned into a significant trading partner for Iranian companies as well as the government.
