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With India slated to become a major economic power in the Asian region and according to RAND Corporation, could position itself in a strategic political actor in the affairs of the region, if its economy continues to sustain growth levels of 6-7 %. The economy is at around 8.5% at the moment. In this context it is imperative for India's policy makers to have a credible energy security strategy. India has been active in negotiations to build natural gas pipeline from Iran thru Pakistan to India to boost its growing energy hungry economy. Iran's geopolitics is a major concern and it is crucial for Indian policy makers to understand and analyze the political risks while dealing with Iran, which has been termed as a rogue state by the United States. This paper makes an attempt to achieve two goals:1.A study of the hardliner and reformist elements in the making of Iranian foreign policy and the central difficulty in its analysis.2.An attempt to understand the political risk analysis of Iran in the context India's vigorous pursuit of building a pipeline from that nation. ..PAT.-Unpublished Manuscript [ABSTRACT FROM AUTHOR]