{"id":2647,"date":"2003-01-30T13:52:50","date_gmt":"2003-01-30T08:22:50","guid":{"rendered":"http:\/\/alpha.ravikiran.com\/blog\/2003\/01\/30\/theres-some-good-news-and\/"},"modified":"2003-01-30T13:52:50","modified_gmt":"2003-01-30T08:22:50","slug":"theres-some-good-news-and","status":"publish","type":"post","link":"https:\/\/www.ravikiran.com\/blog\/vintage\/200301\/theres-some-good-news-and\/","title":{"rendered":"There&#8217;s some good news and&#8230;"},"content":{"rendered":"<p><cite><font size = -1>Before the Gulf war [I], India had strong economic ties with Iraq. <\/p>\n<p>From 1987 onwards, more than a third of the projects awarded to Indian companies from overseas clients came from Iraq, which was also a big importer of goods and services and employed 180,000 desi expats as well.<\/p>\n<p>About a quarter of India&#8217;s oil imports were sourced directly from Iraq or through a triangular rupee-rouble swap with the Soviet Union. None of these ties exist today.<\/p>\n<p>India&#8217;s oil imports are widely diversified, Iraq&#8217;s importance as an export market is negligible, India&#8217;s reserves are about $69 billion today &#8211; compared to about $1 billion during the 1990 crisis, and very few Indians now work in Iraq.<\/p>\n<p>So, our exposure to Iraq is minimal and a war won&#8217;t cause any major shocks to the economy.<\/font><\/cite>(<a href=\"http:\/\/economictimes.indiatimes.com\/cms.dll\/html\/comp\/articleshow?artid=35901747\" class = \"source\">It&#8217;s an oily war &#8211; The Economic Times<\/a>)<\/p>\n<p>But of course:<br \/><a href=\"http:\/\/economictimes.indiatimes.com\/cms.dll\/html\/comp\/articleshow?artid=35952146\">India stocks up oil, but price shock worries loom &#8211; The Economic Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before the Gulf war [I], India had strong economic ties with Iraq. From 1987 onwards, more than a third of the projects awarded to Indian companies from overseas clients came from Iraq, which was also a big importer of goods and services and employed 180,000 desi expats as well. About a quarter of India&#8217;s oil [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/posts\/2647"}],"collection":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/comments?post=2647"}],"version-history":[{"count":0,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/posts\/2647\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/media?parent=2647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/categories?post=2647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/tags?post=2647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}