Bhubaneswar: Union Finance Minister Nirmala Sitharaman on Monday defended the resilience of the Indian economy amid the ongoing West Asia crisis, asserting that criticism surrounding Prime Minister Narendra Modi’s recent appeal to conserve foreign exchange was being misrepresented by critics.
Responding to concerns over rising global crude oil prices and economic uncertainty linked to geopolitical tensions in West Asia, Sitharaman said the Prime Minister’s remarks should be understood in the proper context and not be interpreted as a sign of economic weakness.
She accused critics and “naysayers” of building what she described as a “cynical narrative” around the Indian economy, adding that such commentary amounted to unnecessary fear-mongering.
“Not only is this wrong, but it is also fear-mongering, and India cannot afford fear-mongering,” the Finance Minister said while addressing concerns over the country’s economic outlook amid global instability.
Her remarks come at a time when international energy markets remain volatile due to tensions involving the United States and Iran, with concerns over disruptions in oil supply routes such as the Strait of Hormuz affecting global crude prices.
Prime Minister Modi had earlier urged citizens and institutions to adopt measures that help conserve foreign exchange and reduce dependence on imported energy resources, including greater emphasis on domestic production, energy efficiency, and alternative fuels.
The Centre has repeatedly maintained that despite global economic headwinds, India remains among the world’s fastest-growing major economies with strong macroeconomic fundamentals and relatively stable financial indicators.
Sitharaman also emphasized that responsible economic communication is important during periods of international uncertainty, cautioning against narratives that could negatively affect investor confidence and public sentiment.
