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Indian Finance Minister Nirmala Sitharaman urged the country on Monday to focus on fuel, fertiliser and foreign exchange and underlined Prime Minister Narendra Modi’s plea to conserve foreign exchange as “very important” amid the Gulf crisis.
Earlier this month, Modi called on Indians to conserve fuel and foreign exchange and avoid gold purchases, among other austerity measures, to better manage the energy shock and economic headwinds.
“The prime minister giving a call to conserve foreign exchange, as far as possible, is very important,” Sitharaman said, adding that the stress on ‘3Fs’ — fuel, fertiliser and foreign exchange — should be viewed in this context.
India has been reeling under the effect of rising crude prices and supply disruptions after the closure of the Strait of Hormuz due to the US-Israel war on Iran.
