FM Sitharaman highlights 'three Fs' amid West Asia crisis

Finance Minister Nirmala Sitharaman on Monday called for a sharpened focus on what she termed the "three Fs" of fuel, fertiliser, and foreign exchange, as India grapples with the economic fallout from the prolonged West Asia crisis. Speaking at the 37th anniversary event of the Small Industries Development Bank of India in Mumbai, Sitharaman outlined the key external pressures confronting the economy while asserting that the country’s domestic fundamentals remain resilient.

Sitharaman said the government is closely monitoring the impact of rising global crude oil prices, which have led to repeated fuel price hikes in India. Petrol and diesel prices were increased for the fourth time in less than two weeks on Monday, with cumulative increases crossing seven rupees per litre since mid-May. The minister attributed the volatility to disruptions in international energy supply chains, particularly around the Strait of Hormuz, a critical route for oil shipments. She noted that the conflict has persisted for over 80 days, creating highly dynamic and unpredictable crude prices.

Beyond fuel, Sitharaman highlighted that fertiliser prices have climbed to "unimaginable" levels, and elevated...