Finance Minister Nirmala Sitharaman affirmed that the government will intensify efforts to mobilise non-tax revenue and maintain vigilance on the fiscal deficit, even as it protects citizens from rising crude oil prices. She firmly ruled out any lockdown due to the West Asia conflict and urged leaders to avoid spreading fear. Speaking during the Rajya Sabha debate on the Finance Bill—which was later passed—Sitharaman highlighted that retail fuel prices have been kept stable despite global crude surging from $70 to $122 per barrel in a month, stating, “We are making sure that people of India don’t suffer.”
To shield consumers and curb inflation, the government announced a Rs 10 per litre cut in excise duty on petrol and reduced diesel duty to zero, alongside export taxes on refiners. This move aims to prevent global price shocks from feeding into domestic inflation, despite an estimated revenue loss of ₹7,000 crore. Sitharaman noted that oil marketing companies were incurring significant losses—about ₹24 per litre on petrol and ₹13 on diesel—making the intervention necessary.
On the new GDP series, she dismissed criticism, calling it a routine exercise done nine times since Independence. The updated series uses over 300 data sources and 1,400 variables, integrating GST data, digital financial flows, and labour surveys for enhanced accuracy and real-time tracking of economic activity.
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