FM Urges Vigil on Fuel, Fertiliser and Forex Amid West Asia Crisis, Rebukes Critics

MUMBAI, May 25: Union Finance Minister Nirmala Sitharaman on Monday stressed the need to closely monitor fuel, fertiliser and foreign exchange pressures arising from the ongoing West Asia crisis, while asserting that India’s economy continues to show resilience despite global uncertainties.

Addressing an event marking the 37th foundation anniversary of Small Industries Development Bank of India in Mumbai, Sitharaman said the Centre has adopted calibrated policy measures to shield domestic growth from external shocks. She noted that the reduction in excise duty on petrol and diesel would have a revenue implication of nearly Rs 1 lakh crore.

The Finance Minister said rising crude oil costs and steep increases in fertiliser prices are exerting pressure on the economy, while elevated gold imports are also posing challenges on the external sector front. She underlined that Prime Minister Narendra Modi has repeatedly highlighted these concerns while urging collective responsibility during difficult global conditions.

Criticising what she described as “pessimistic narratives”, Sitharaman said some sections were portraying an unnecessarily bleak picture despite strong domestic fundamentals and positive public participation in economic activity. India, she said, cannot afford fear-driven commentary at a time when confidence-building measures are essential.

She maintained that most economic pressures currently facing the country are externally driven and reiterated that India’s internal economic position remains stable and positive.

The Finance Minister also drew attention to delayed payments affecting micro, small and medium enterprises, saying nearly Rs 8.1 lakh crore remains locked due to pending dues. She urged public sector undertakings to adhere strictly to the 45-day payment timeline to support MSME liquidity and growth.