ECONOMY
Sitharaman flags 3Fs – fuel, fertiliser, forex – as biggest challenges to economy
- IBJ Bureau
- May 26, 2026
Finance Minister Nirmala Sitharaman has urged the country to focuson fuel, fertiliser and foreign exchange (forex) and underlined Prime Minister Narendra Modi’s plea to conserve forex as “very important” amid the Gulf crisis.
Mr Modi had earlier this month called on Indians to conserve fuel and forex and avoid gold purchases, among other austerity measures, to better manage the energy shock and economic headwinds.
“Prime Minister giving a call to conserve foreign exchange, as far as possible, is very important,” Ms Sitharaman has said, adding that the stress on 3Fs – fuel, fertiliser and forex – should be viewed in this context.
India has been reeling under the effect of rising crude oil prices and supply disruptions after the closure of the Strait of Hormuz due to the US-Israel war on Iran.
High prices of crude oil, fertilisers and gold are creating some challenges on the external front, Ms Sitharaman has added, whilespeaking at an event in Mumbai.
India, the world’s third-largest oil importer and consumer, has raised prices of petrol and diesel again on Monday, the fourth increase in May in a bid to recoup some losses.
Ms Sitharaman has said that the government’s revenue is expected to be hit by Rs 1 lakh crore in FY27 due to a reduction in Excise Duties on fuel.
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