Finance Minister Nirmala Sitharaman on Sunday urged citizens to pay close attention to conserving foreign exchange, citing the current “difficult” global environment. She was speaking at an event organised by SIDBI in Mumbai.
Referring to the sharp rise in international crude oil prices, Sitharaman said the Centre cut excise duty on petrol and diesel by Rs 10 per litre to shield the public. She said the move would lead to a revenue loss of more than Rs 1 lakh crore for the government in 2026.
She underlined that India’s growth cannot move forward without micro, small and medium enterprises (MSMEs), adding that SIDBI’s role has become even more significant at this time.
Sitharaman said the West Asia crisis is not only a diplomatic or geopolitical issue, but one that can trigger higher fuel prices and shortages of raw materials for businesses and ordinary people. She said the government’s approach has been to protect citizens, support MSMEs and safeguard exporters.
With crude oil, fertilisers and gold seeing elevated and unstable prices globally, she said India faces external economic challenges because these imports require payment in foreign exchange. In this context, she said the Prime Minister’s call to save foreign exchange as much as possible is especially important.
