Finance Minister Nirmala Sitharaman has strongly criticized those spreading pessimism about India's economic outlook amid the ongoing West Asia crisis, asserting that the country cannot afford fearmongering. Speaking on Tuesday, she emphasized that India's policy response has been carefully calibrated to preserve domestic growth and stability.
Calibrated Policy Response
Sitharaman highlighted that the government's measures, including the recent reduction in excise duties on diesel and petrol, are designed to shield the economy from external shocks. She noted that the cut in excise duties will result in a revenue impact of approximately Rs 1 lakh crore, demonstrating the government's commitment to supporting consumers and businesses.
Impact on Economy
The finance minister stressed that India's fundamentals remain strong, and the government is taking proactive steps to mitigate any adverse effects from global uncertainties. She urged critics to avoid creating unnecessary panic, which could undermine investor confidence and economic progress.
- Excise duty reduction on diesel and petrol to ease fuel prices
- Revenue loss of Rs 1 lakh crore absorbed to protect growth
- Focus on domestic demand and fiscal discipline
Rejecting Pessimism
Sitharaman's remarks come amid heightened tensions in West Asia, which have led to volatility in global energy markets. She asserted that India's diversified energy sources and strategic reserves provide a buffer against such crises. The government, she said, remains vigilant and ready to take additional measures if needed.
The finance minister also called for a constructive dialogue on economic challenges, rather than spreading unfounded fears. She reiterated that India's long-term growth trajectory remains intact, supported by structural reforms and robust domestic consumption.
