Sitharaman in Rajya Sabha

NEW DELHI: Finance Minister Nirmala Sitharaman on Friday said the government will remain on its “toes” to keep the fiscal deficit under check even as it works to shield the common man from the impact of rising global crude oil prices amid the West Asia conflict.Replying to a discussion on the Finance Bill, 2026 in the Rajya Sabha, Sitharaman stressed that the Centre would continue to follow a path of fiscal prudence while stepping up non-tax revenue mobilisation. “I think we will be following the same pattern (fiscal prudence as in past). We will be able to keep the government fiscal stance carefully managed. Also, there will be efforts to have greater mobilisations through non-tax revenues… We shall be on our toes,” she said, adding that “government is active and responding to evolving situation”.She noted that while several countries have raised motor fuel prices by 20–50 per cent in response to global supply disruptions, India has kept petrol and diesel prices unchanged.Earlier in the day, the government reduced excise duty on petrol and diesel by Rs 10 per litre each to ensure that oil marketing companies do not pass on higher costs to consumers.Addressing concerns triggered by the geopolitical situation, the minister said India has been managing the situation well despite deteriorating conditions in several countries due to the US, Israel-Iran war.Sitharaman also dismissed speculation around a possible lockdown in India, calling such claims baseless and aimed at creating fear. “Baseless rumours are being spread, and anything is being said just to create fear in the minds of the public. Where is this lockdown happening? It is happening in Pakistan, not in India,” she said.Further referring to developments in Pakistan, she added: “What is happening in Pakistan? A 200% increase in high-octane fuel prices has been reported. Petrol and diesel prices have risen by around 20% overnight. Petrol is now being sold at 321 Pakistani rupees per litre. This is reported news, I am not sourcing it from elsewhere. Smart lockdowns have been announced in Sindh province to conserve fuel, restricting movement, gatherings, and public events. According to reports, schools have been shut for two weeks, government offices have shifted to a four-day workweek, and private offices have been advised to move 50% of their staff to work from home. We are not doing this here (India)… However, some leaders are spreading misinformation that there will be a lockdown. There is no possibility of a lockdown in India. Such rumours should be stopped.”Later, the Rajya Sabha returned the Finance Bill to the Lok Sabha by voice vote, completing the budgetary exercise for the financial year beginning April 1.