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US dumping Iran deal will push oil up, hit India: Assocham

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New Delhi, May 9 (IANS) A day after President Donald Trump withdrew the US from the Iran nuclear deal and decided to re-impose sanctions on Tehran, industry chamber Assocham said on Wednesday that the move will hit the Indian economy due to its likely upward impact on oil prices.

Iran is a major oil producing country.

“President Donald Trump pulling out of the Iran deal and announcing his decision to re-impose sanctions on the key crude oil producer would exert pressure on the fuel prices and affect the Indian economy on the downside,” Assocham Secretary General D.S. Rawat said in a statement.

“While there are other imponderables like Saudi Arabia trying to increase crude output along with major OPEC (Organisation of Petroleum Exporting Countries) producers and the US allies like France not being on board, the global economy does face bouts of uncertainty and volatility.

“In the short term, it is not a good news for the Indian economy which meets the bulk of its crude oil requirements from imports,” he added.

Trump said on Tuesday that the US would withdraw from the “horrible, one-sided deal that should have never, ever been made”.

The European Union moved to protect the agreement by vowing to take steps to immunise European firms doing business with Tehran from any US sanctions. EU foreign policy chief Federica Mogherini said Europe will abide by the deal.

Meanwhile, state-run oil marketing firms have kept prices of transport fuel unchanged since April 24, temporarily suspending the dynamic daily pricing regime, despite a rise in international rates, to avoid panic among consumers, Indian Oil Corp (IOC) Chairman Sanjiv Singh said on Tuesday.

On Wednesday, the price per litre of petrol was Rs 74.63 and of diesel Rs 65.93 — rates of both have remained unchanged since April 24.

The price of the Indian basket of crude oils, composed of 70 per cent sour grade Oman and Dubai crudes and the rest by sweet grade Brent, has gone upwards of $70 a barrel last month.

Sanjiv Singh said it was a mere coincidence that the spike in international rates and the company’s decision to put a lid on prices comes just ahead of the Assembly elections in Karnataka on Saturday.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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