TMA International

"Indian businessman Pankaj Bansal is losing sleep. He says that any nuclear deal under which global powers lift sanctions against Iran could wipe him out.  'I have been forced to take sleeping pills now to avoid nightmares as my business with Iran has drastically come down,' said Bansal, 43, from his base in a teeming commercial district of South Delhi.  Bansal's trading firm, TMA International, has expanded from metals into motors, auto parts and chemicals as rivals were shut out of Iran by Western sanctions aimed at forcing Tehran into a nuclear compromise. Talks to finalize a deal have run deep into overtime but may wrap up on Friday.  He is one of thousands of exporters who enjoyed a three-year run because India did not back the sanctions. In that time, India's exports to Iran doubled to $5 billion, helping to halve its bilateral trade deficit.  Now, they could be forced aside by European and U.S. competitors just as Asia's third-largest economy reels from a 20 percent export slump prompted by a global slowdown in trade.  The revival of India's historic friendship with Iran, shared with Russia and Venezuela, does hold the promise of long-term trade gains. Yet short-term pain looms for oil buyers and banks that benefited from sanctions-related payment delays." (Reuters, "Indian Business Dreads Lifting of Iran Sanctions," 7/8/15)