Nirmala Sitharaman Calls for Emphasis on Fuel, Fertiliser, and Forex, Criticizes Pessimistic Narratives by Detractors.

Union Finance Minister Nirmala Sitharaman emphasized the importance of addressing the 3Fs—fuel, fertiliser, and forex—during her address at the 37th foundation day event of the Small Industries Development Bank of India (SIDBI) in Mumbai. In the context of the ongoing West Asia crisis, she reassured stakeholders that the domestic economy remains resilient despite external pressures. Sitharaman criticized those promoting a pessimistic narrative surrounding the economy, reminding attendees of the importance of maintaining public confidence in India’s economic prospects.

The Finance Minister highlighted recent reductions in excise duties on diesel and petrol, which are projected to have a revenue impact of ₹1 lakh crore. She noted that while rising crude prices and soaring fertiliser costs pose significant challenges, it’s crucial to recognize the generally positive domestic economic situation. Sitharaman also pointed out the adverse effects of high gold prices on the external front but stressed that these challenges should not overshadow the overall economic resilience of India.

Sitharaman further addressed the pressing issue of ₹8.1 lakh crore locked in delayed payments to micro, small, and medium enterprises (MSMEs), which hampers their growth and working capital. She urged public sector undertakings to adhere to a 45-day window for payments, which is essential for supporting the MSME sector. Her remarks underscored the government’s commitment to fostering a supportive environment for small industries while navigating external uncertainties.