Finance Minister Nirmala Sitharaman on Tuesday strongly criticized those spreading pessimism about India's economic outlook amid the ongoing West Asia crisis, asserting that the country cannot afford fear mongering. She emphasized that the government's policy response has been carefully calibrated to safeguard domestic growth.
Calibrated policy response
Speaking at a press conference, Sitharaman highlighted that India's approach to the geopolitical tensions has been measured and strategic. The government has taken proactive steps to insulate the economy from external shocks, including a reduction in excise duties on diesel and petrol. This move, she noted, will result in a revenue impact of approximately Rs 1 lakh crore for the exchequer.
No room for pessimism
The Finance Minister took a swipe at critics who, according to her, are engaged in unwarranted fear mongering. 'India cannot afford fear mongering at this juncture. Our fundamentals are strong, and we have the resilience to navigate global challenges,' she stated. Sitharaman urged all stakeholders to focus on the positive strides the economy has made rather than indulging in negativity.
The West Asia crisis has led to volatility in global oil prices, prompting concerns about inflation and fiscal stability. However, Sitharaman assured that the government is closely monitoring the situation and stands ready to take further measures if necessary.
The excise duty cut, effective immediately, is expected to provide relief to consumers and help contain inflationary pressures. The Finance Minister reiterated the government's commitment to maintaining fiscal discipline while supporting growth.
