Piyush Goyal: Modi Govt Shields India from Global Fuel Price Spike

As oil prices skyrocket worldwide due to Middle East volatility, India's fuel market remains a beacon of stability, thanks to bold fiscal interventions by the Modi government. Commerce Minister Piyush Goyal revealed in a candid conversation how New Delhi absorbed the shock to protect citizens from runaway inflation. 'Global tensions have forced policy recalibrations, with final decisions imminent,' Goyal noted, pointing out that unlike other nations witnessing massive petrol-diesel price jumps, India limited the pass-through to consumers. The centerpiece was a Rs 10 per liter excise duty slash, with the Centre bearing the brunt to ease household budgets. Extending this relief philosophy, the government pumped in an extra Rs 3,000 crore into fertilizers, holding prices steady for farmers despite soaring input costs. This massive subsidy outlay reflects a farmer-first approach amid economic pressures. Aviation got a lifeline too, with ATF VAT slashed to 7% from 18%, a move Goyal hailed as vital for reviving air travel and boosting tourism. The sector, under immense strain, stands to gain immensely in the long run. He took a dig at opposition states, suggesting they emulate this progressive step. Addressing concerns over PM Modi's security downgrade, Goyal stressed it was the leader's personal choice. 'We are worried; as India's PM and a world leader, his protection must not be compromised,' he urged. Wrapping up, Goyal detailed inter-ministerial drives to slash wasteful spending and fuel use, coupled with a public call for conservation. This multi-pronged strategy positions India as a model of prudent governance in turbulent times.