India's Finance Minister Urges Focus on Fuel, Fertilizer, Foreign Exchange on Monday

According to Jin10, India's Finance Minister Nirmala Sitharaman urged on Monday (May 25) that the country prioritize fuel, fertilizer, and foreign exchange, emphasizing Prime Minister Modi's call for foreign exchange conservation during the current crisis. Sitharaman stressed that commodity price pressures, including high crude oil, fertilizer, and gold prices, present external challenges.

As the world's third-largest oil importer and consumer, India raised petrol and diesel prices for the fourth time in May on Monday to offset losses. Sitharaman also noted that reduced fuel consumption tax is expected to cut government revenue by 1 trillion rupees in the 2027 fiscal year.