image sourced from original article at Union Finance Minister Nirmala Sitharaman said that reducing excise duties on petrol and diesel would result in a revenue loss of about Rs 1 lakh crore, as fuel prices rose again for the fourth time in ten days. Petrol increased by Rs 2.61 per litre and diesel by Rs 2.71 per litre, adding pressure on household budgets and transport costs amid global supply disruptions.
Speaking at an event marking the anniversary of the Small Industries Development Bank of India, she urged people not to give in to what she described as a pessimistic narrative, stressing that India cannot afford fear mongering. She said the country must focus on fuel, fertiliser and foreign exchange challenges while maintaining confidence in the economy’s resilience despite external shocks, including the ongoing Middle East conflict.
The minister highlighted rising global fertiliser and gold prices as additional pressures but maintained that domestic economic conditions remain stable. She also raised concern over Rs 8.1 lakh crore locked in delayed payments to small and medium enterprises and called on public sector undertakings to clear dues within the mandated 45-day period.
