By Admin 
Nirmala Sitharaman on Fuel Price Hike: Union Finance Minister Nirmala Sitharaman said on Monday (May 25) that reducing excise duty on petrol and diesel will lead to a loss of revenue of about Rs 1 lakh crore. He also stressed the need to instill confidence among the people and said that India cannot afford to spread fear.
This comment of Nirmala Sitharaman has come at a time when fuel prices have increased once again, which is the fourth increase in 10 days. On Monday, the price of petrol increased by Rs 2.61 per liter and the price of diesel increased by Rs 2.71 per liter, putting further pressure on family budgets and transportation costs.
‘Need to instill confidence among citizens’
Speaking on the occasion of the 37th anniversary of Small Industries Development Bank of India (SIDBI), Sitharaman criticized the pessimistic atmosphere being spread by negative talk after PM Modi’s appeal. He said the country cannot afford to spread fear and there is a need to instill confidence among citizens through both words and actions.
Focus on ‘three F’- Finance Minister
It’s been three months since the Middle East crisis. Regarding this, Finance Minister Sitharaman appealed to focus on the three F’s: Fuel, Fertilizer and Forex. Emphasized that despite global uncertainty, India’s economy remains strong. The Finance Minister also pointed to the increasing global pressures and said that fertilizer prices have reached unimaginable levels, while high gold prices are creating some challenges on the external front.
He further said that some people are presenting this situation as if everything is falling apart, whereas he insisted that it is not so. We must understand that the challenges are more due to external reasons. India’s domestic economic situation remains positive and strong even today.
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