![\"Fuel](\"https:\/\/static.toiimg.com\/thumb\/msid-131305036,imgsize-1934873,width-400,height-225,resizemode-4\/131305036.jpg\" "\\"Fuel")
<\/div>\nUnion finance minister Nirmala Sitharaman<\/a> on Monday said that reducing excise duties on petrol and diesel would lead to a revenue loss of around Rs 1 lakh crore. She also stressed the need to give confidence to people and that \u201cIndia cannot afford fear mongering.\u201dHer remarks came as fuel prices saw a fresh round of hikes, marking the fourth increase in 10 days. On Monday, petrol became costlier by Rs 2.61 per litre and diesel by Rs 2.71 per litre, adding further pressure on household budgets and transport costs.Speaking at the 37th anniversary event of the Small Industries Development Bank of India (SIDBI), Sitharaman criticised what she described as a growing \u201cpessimistic narrative\u201d being pushed by naysayers following Prime Minister Narendra Modi\u2019s appeals on altruism. She said the country \u201ccannot afford fearmongering\u201d and emphasised the need to build confidence among citizens through both words and actions.<\/p>\n As the Middle East crisis approaches the three-month mark, the FM urged to focus on the \u201cthree Fs,\u201d fuel, fertiliser and forex, while asserting that India\u2019s economy remains resilient despite global uncertainty. Finance minister Sitharaman also pointed to rising global pressures, noting that fertiliser prices have reached \u201cunimaginable\u201d levels, while elevated gold prices are creating \u201csome challenges\u201d on the external front.She further added that the move aligns with Prime Minister Narendra Modi\u2019s broader approach to managing external shocks. At the same time, she also dismissed exaggerated negativity, saying that some \u201cnaysayers\u201d were portraying the situation as if everything is \u201ccrumbling\u201d, which, she stressed, was not the case.Also read: Fuel prices hiked again: Petrol, diesel rates raised by over Rs 2; 4th increase in 2 weeks<\/a>\u201cAll the good that is being done by the common people themselves, that is forgotten. And a pessimistic, cynical narrative is generated, which is just not right,\u201d she said. \u201cWe should appreciate that the challenges are more externally driven. We must also recognise that India’s domestic economic situation remains positive and resilient even today,\u201d she added.\u201cIndia cannot afford fearmongering. We need to give confidence to the people with our words and with our actions,\u201d she said, adding that a section of people is attempting to decry \u201cour own achievements amid the challenges posed by the West Asia crisis\u201d.<\/p>\n Minister Sitharaman also raised concerns over Rs 8.1 lakh crore locked in delayed payments to MSMEs, saying it is affecting working capital and growth. She urged public sector undertakings to ensure payments are made within the 45-day timeline for MSMEs.Also read: <\/span>Timeline of petrol, diesel price hike: How rates have risen by Rs 7.5 litre in just 11 days – which cities have highest prices?<\/a>Ahead of the recent price hikes, the government had revised its fuel duty structure, lowering the special additional excise duty on petrol to Rs 3 per litre and removing it entirely on diesel. The move comes amid ongoing disruptions in global oil supply chains due to the conflict in the Middle East, with tensions around the Strait of Hormuz affecting energy flows.Since the Middle East conflict began on February 28, energy supplies through the crucial Strait of Hormuz have remained disrupted, sending ripples across the globe.<\/div>\nFocus on ‘3 Fs’<\/h2>\n<\/p>\n
Finance minister highlights MSME concerns<\/h2>\n<\/p>\n