Union Finance Minister Nirmala Sitharaman said the government is closely monitoring the impact of the West Asia crisis on India’s economy, with a particular focus on the “3Fs” — fuel, fertiliser and foreign exchange reserves.
The finance minister said the Centre’s policy response has been calibrated to safeguard growth while managing external pressures.
Rising crude oil prices and a sharp increase in fertiliser costs have become major concerns for the economy, with fertiliser prices reaching “unimaginable” levels.
Sitharaman pushed back against what she described as attempts to create panic over the economic situation, criticising “naysayers” for presenting a bleak picture despite positive efforts being made across the country.
The minister urged public sector undertakings to ensure that payments to micro, small and medium enterprises are cleared within the mandated 45-day period.
