'India won't cut Iranian oil imports'

Chicago, January 30 (ANI): India, the world's fourth largest oil consumer, will not take steps to cut petroleum imports from Iran despite U.S. and European sanctions against Tehran, finance minister Pranab Mukherjee said on Sunday during a visit to Chicago. Mukherjee said he projects India to return to its path of high economic growth, despite an expected slowdown to a 7 percent pace this year from 8.5 percent last year. Inflation, as measured by wholesale prices, rose 7.47 percent in December, its slowest pace in two years, and Mukherjee said he expected further declines.