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CHICAGO: India, the world's fourth-largest oil consumer, will not booty accomplish to cut petroleum imports from Iran admitting U.S. and European sanctions adjoin Tehran, its accounts abbot said on Sunday during a appointment to Chicago.

The United States wants buyers in Asia, Iran's better oil market, to cut imports to put added burden on Tehran to rein in its nuclear ambitions. Washington suspects Iran of aggravating to accomplish nuclear weapons, but Tehran says its nuclear affairs is for peaceful means.

India, which imports 12 percent of its oil from the Islamic Republic, cannot do afterwards Iranian oil, the official said.

"It is not accessible for India to booty any accommodation to abate the imports from Iran drastically, because amid the countries which can accommodate the claim of the arising economies, Iran is an important country amidst them," India Accounts Abbot Pranab Mukherjee told reporters in Chicago at the end of a two-day appointment aimed at admiring U.S. investment.

New U.S. sanctions, accustomed on Dec. 31 and which amerce any banking institutions ambidextrous with Iran's axial bank, could accomplish it added difficult for India to pay Iran for oil imports.

The European Union banned oil imports from Iran beforehand this month.

Mukherjee said he projects India to acknowledgment to its aisle of aerial bread-and-butter growth, admitting an accepted arrest to a 7 percent clip this year from 8.5 percent aftermost year. The Indian budgetary year ends in March.

"This year, because of the European debt crisis and the slowing of developed economies, there has been a slowdown" in India's growth, he said. "It will be accessible to accomplish it up in a year or two."

India's axial coffer aftermost anniversary captivated its action amount abiding and signaled its abutting move could be a amount cut, afterwards signs that outsized amount pressures may be ebbing.

Inflation, as abstinent by broad prices, rose 7.47 percent in December, its slowest clip in two years, and Mukherjee said he accepted added declines.

"If this trend continues, I am optimistic (India will see aggrandizement of) 6.5 percent to 7 percent by end of the year," he said.

But a accessible move by the U.S Federal Reserve to affluence budgetary action added could about-face that outlook, he said.

Fed Chairman Ben Bernanke aftermost anniversary opened the aperture to a third annular of quantitative easing, suggesting that a connected abatement in aggrandizement and advancing bread-and-butter weakness could absolve new band buying.

The Fed's aftermost annular of bond-buying drew loud criticism from arising economies who said it sparked aggrandizement and aching their exports.

Mukherjee again that criticism on Sunday, adage U.S. quantitative abatement creates "inflationary impacts" in arising economies and boosts uncertainty.