Nirmala Sitharaman urged citizens to understand the importance of the “3Fs” — fuel, fertiliser, and foreign exchange — amid rising global uncertainty and crude oil prices.
Backing PM Modi’s appeal for fuel conservation, she said India’s heavy dependence on imported crude is straining the country’s import bill and forex position.
Sitharaman maintained that India’s macroeconomic fundamentals remain strong, citing robust GST collections and broad-based domestic demand despite global headwinds.
Union Finance Minister Nirmala Sitharaman on Monday urged citizens to understand the importance of the “3Fs” — fuel, fertiliser, and foreign exchange. She added that the ongoing West Asia conflict has created major challenges for businesses, common citizens, and micro, small and medium enterprises (MSMEs) due to soaring fuel costs, supply chain disruptions, and shortages of inputs, while also putting pressure on working capital amid uncertainty.
Earlier this month, Prime Minister Narendra Modi also urged citizens to use fuel efficiently and carefully, suggesting carpooling and greater use of public transport amid concerns over foreign exchange pressures.
1 May 2026
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India imports nearly 90% of its crude oil requirements, and the crisis in West Asia, along with soaring global crude prices, has weighed heavily on India’s import bill and the rupee.
“We need to understand the context in which the PM made this call. It is because of high international crude prices. High crude prices are ever-changing, seriously dynamic — one rate at one point in time, another within a week, and yet another the following week. It has been like that for over 80–90 days now,” Sitharaman said.
She highlighted that soaring crude prices, fluctuating fertiliser rates, and high gold prices are increasingly making it challenging for the country on the external front. “All these three payments will have to be in foreign exchange,” she added.
However, Sitharaman reiterated that India’s domestic macroeconomic conditions remain resilient and positive despite global headwinds, citing strong GST revenues.
“After the rate rationalisation, which happened in September 2025, gross GST collections crossed ₹22 lakh crore for FY26, rising 8.3%.
The gross revenue year-on-year is 8.3% higher, and that’s not a small number in these times of uncertainty. High-frequency indicators also show broad-based domestic demand,” Sitharaman said.
Sitharaman also said that the “pessimistic narrative” around the economy, despite strong fundamentals, was leading to fear-mongering, which the country “can’t afford.”
To support exporters amid geopolitical uncertainty, Sitharaman said credit guarantee support has been extended through the Credit Guarantee Scheme for Exporters, while collateral support under the Export Promotion Mission is also being provided.
