Govt forwent Rs 1 lakh cr via excise duty cuts to shield consumers from fuel inflation: FM
GST
Dated:- 25-5-2026
PTI
Mumbai, May 25 (PTI) Finance Minister Nirmala Sitharaman on Monday said the government had foregone more than Rs 1 lakh crore annually in tax revenues through excise duty cuts on petrol and diesel to shield consumers from fuel inflation triggered by the West Asia conflict, while defending the latest retail fuel price hikes as market-driven revisions by oil marketing companies responding to soaring global crude oil prices.
Petrol and diesel prices have been hiked by almost Rs 7.5 per litre in four installments since mid-May as oil companies moved to bridge the gap between cost and retail price that had widened
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akh crore aligned with the government's expectations, especially given the current need for support, the minister stated that the calculations follow a very clear formulation.
“A committee had looked into it, and based on that RBI does its annual calculation and gives the dividend to the government. And it is on that basis it has come. I fully trust the RBI in having made its calculation and given the dividend that it has given,” she added.
On managing the oil price rise amid global challenges she said the situation will be closely monitored.
“These increase in prices are not minor, all this will have to be paid through foreign exchange only. So, these are going to be challenges, but I'm confident….we will be able to handle t
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are embedding sustainability requirements into their sourcing criteria. Buyers want traceability. They want certified organic or recycled fibres, reduced water consumption, lower carbon footprints and fair labour practices. Our exporters who adapt early to these requirements will thrive,” she added.
The minister also said that artificial intelligence and automation are transforming the global textile industry.
“Robotic sewing, AI-driven demand forecasting, digital printing, smart manufacturing, all of these are all reducing the labour cost advantages. We must invest in technology, not just to compete on cost, but to compete on capability and standards,” Sitharaman added. PTI SM ANU ANU
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