Indian Finance Minister calls for a focus on fuel, fertilizers, and foreign exchange.

Indian Finance Minister Sitaraman on Monday called for a focus on fuel, fertilizers, and foreign exchange, emphasizing the importance of Prime Minister Modi's call for saving foreign exchange during the Gulf crisis. Modi called on Indian citizens this month to save fuel and foreign exchange, avoid buying gold, and take other austerity measures to better cope with energy shocks and economic headwinds. "The Prime Minister's call to save foreign exchange as much as possible is very important," Sitaraman said, adding that the emphasis on fuel, fertilizers, and foreign exchange should be viewed in this context. Sitaraman also stated that high crude oil, fertilizer, and gold prices have brought some external challenges. As the world's third-largest oil importer and consumer, India raised petrol and diesel prices again on Monday, the fourth price hike since May, in order to offset some losses. Sitaraman noted that the Indian government is expected to lose 1 trillion rupees in revenue in the 2027 fiscal year due to the reduction in fuel consumption taxes.