Finance Minister Nirmala Sitharaman said India’s economy is strong, but the West Asia crisis is increasing pressure on foreign exchange due to higher imports of crude oil, fertiliser, and gold. She said global commodity prices, especially crude oil, have been very volatile, raising import costs. Fertiliser and gold prices have also surged, and all these imports require foreign currency, which adds stress to India’s forex outgo. She referred to this as pressure from the “three Fs” — fuel, fertiliser, and foreign exchange — and noted that the conflict is also leading to higher shipping costs, supply disruptions, and difficulties for exporters and MSMEs. Despite this, she said India’s economic fundamentals remain strong, supported by solid GST collections, rising vehicle sales, and healthy credit growth.

Disclaimer: This image is taken from PTI.