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Union Finance Minister Nirmala Sitharaman said reducing excise duties on petrol and diesel would result in a revenue loss of nearly Rs 1 lakh crore. Speaking at SIDBI’s 37th anniversary event, she stressed that India “cannot afford fearmongering” and called for building confidence among citizens through words and actions. Sitharaman criticised what she described as a pessimistic narrative being promoted by “naysayers” despite positive developments. As the West Asia crisis nears the three-month mark, she urged focus on the “three Fs” — fuel, fertiliser and forex. She highlighted soaring fertiliser prices and elevated gold prices as global challenges but maintained that India’s domestic economy remains resilient. Sitharaman said external factors were driving current pressures while India’s economic fundamentals remained positive.