The extension of oil sanctions against Iran by the U.S. could lead to a contraction in the Iranian economy. That’s led an Indian farming association to lobby the government to ensure continued export access to Iran. India’s exports to Iran were led by shipments of rice worth $1.27 billion in the 12 months to Nov. 30, while leading industrial products include organic chemicals and steel. Supplies of pharmaceuticals were worth $178 million and may be prioritized by the Iranian government even as oil revenues decline. That could protect exporters led by Saraca, Cipla and Aurobindo.