India's Finance Minister Stresses Importance of Foreign Exchange Conservation Amid Gulf Crisis

India's Finance Minister Nirmala Sitharaman emphasized the importance of focusing on fuel, fertilizers, and foreign exchange on Monday. According to Jin10, she highlighted the significance of Prime Minister Narendra Modi's call for conserving foreign exchange during the Gulf crisis. Earlier this month, Modi urged Indian citizens to save on fuel and foreign exchange, avoid purchasing gold, and adopt other austerity measures to better handle energy shocks and economic headwinds. "The Prime Minister's call to conserve foreign exchange as much as possible is very important," Sitharaman stated, adding that the focus on fuel, fertilizers, and foreign exchange should be viewed in this context. Sitharaman also noted that high prices of crude oil, fertilizers, and gold pose external challenges. As the world's third-largest oil importer and consumer, India raised gasoline and diesel prices again on Monday, marking the fourth adjustment in May, to offset some losses. Sitharaman mentioned that due to the reduction in fuel excise duties, the Indian government's revenue is expected to decrease by 1 trillion rupees in the fiscal year 2027.