Union Finance Minister Nirmala Sitharaman on Monday stressed the need to focus more on Fuel, Fertilizer and Forex (3F) amid the West Asia crisis and said that the domestic economy remains strong. Addressing the 37th Foundation Day celebration of Small Industries Development Bank of India (SIDBI), the Finance Minister criticized the pessimistic and negative atmosphere being created by some people after Prime Minister Narendra Modi’s appeals to save fuel and said that there is no scope for spreading fear in the country and it is necessary to maintain faith among the people. He said India’s policy response has been designed in a balanced manner to maintain growth.
prices sky high
The Finance Minister said that the government will suffer a revenue loss of Rs 1 lakh crore due to the reduction in excise duty on diesel and petrol. He said that along with the rising prices of crude oil, the prices of fertilizers have also reached unimaginable levels, while the high prices of gold are creating some challenges on the external sector. Sitharaman said that in such a time, there is a need to pay special attention to Fuel, Fertilizer and Forex (3F) and the context of the Prime Minister’s calls is also in this background. He said that some people are claiming that everything is being ruined, which is not correct.
An attempt is being made to spread confusion
Sitharaman said that the good work being done by the people is forgotten and a pessimistic and negative atmosphere is created, which is not appropriate at all. The Finance Minister said that the challenges have arisen mainly from external reasons, while India’s domestic economic situation remains positive and strong even today. He said that India is not in a position to spread fear. We must create confidence in people through our words and actions. Sitharaman also said that the pending payment of Rs 8.1 lakh crore to Micro, Small and Medium Enterprises (MSMEs) is affecting their working capital and growth. He asked the public sector undertakings not to delay making payments to MSMEs beyond the 45-day deadline.
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