New Delhi, June 15 (AHN) Business chamber Assocham on Monday welcomed the peace deal between the USA and Iran as a major breakthrough that would benefit the entire world and bring the global economy back on the growth path.

Assocham president Nirmal K Minda said, “The peace deal had been awaited for many weeks. This is a major breakthrough between the USA and Iran for the benefit of the whole world, as war benefits no one.”

“India, though it mitigated the West Asia war impacts to a large extent, is expected to rebound strongly to attain its trend growth rate in the current financial year 2026-27. We can expect India to clock a growth rate of 7 per cent in FY2026-27 with dynamic and effective policy measures of the Government of India and the Reserve Bank of India in recent months,” he observed.

The peace deal is expected to bring the global economy back on track and to achieve the earlier estimated GDP growth rate, he added.

US President Donald Trump while welcoming the peace agreement, said in a social media post that the Strait of Hormuz would be open to commercial shipping and the US would lift its naval blockade.

"Let the oil flow!" Trump remarked on Sunday. He went on to claim that, in contrast with the failures of past US presidents, he secured a "great deal that would bring peace and security to the whole region."

US Vice-President JD Vance said in an interview with Fox News that Iran never possessing a nuclear weapon was "built into this agreement" and that the US will be able to verify compliance.

Questions over crucial issues including the restrictions that have to be imposed on enrichment uranium and the stockpile of highly enriched uranium with Iran are expected to be sorted out in subsequent talks.

In his comments, Vance also mentioned the hardship that US citizens had go through due to higher fuel prices and their cascading adverse impact on the economy.

He assured the American people that fuel prices would start coming down. Iran's Supreme National Security Council released a statement on Sunday saying that "final negotiations will be postponed until after the implementation of the other party's commitments under the memorandum of understanding".