There is no possibility of imposition of lockdown in the country, Finance Minister Nirmala Sitharaman said in the Rajya Sabha on Friday and indicated raising additional resources to make up for the shortfall arising from the excise duty cut on diesel and petrol. She also stressed that the government will remain on its toes to manage the fiscal position.
The minister also strongly refuted rumours of a possible lockdown in the wake of energy supply disruptions due to the West Asia crisis, as she appealed to politicians to refrain from any rumour-mongering and create fear in the minds of people.
Driven by the West Asia conflict, international crude oil prices have surged from USD 70 per barrel to USD 122 per barrel -- a situation that is causing challenges for India, which meets more than 80 per cent of its fuel requirements from imports.
Earlier in the day, the government, in a media briefing, said India has enough petrol, diesel and LPG stocks to last at least two months with normal delivery cycles, as it ruled out imposing any lockdown.
Replying to the discussion on the Finance Bill, 2026, Sithraman said Brent crude has not dropped below USD 100 since March 13, and consequently, petrol and diesel prices for consumers have gone up all over the world. The increase is 30 to 50 per cent in Southeast Asian nations, 30 per cent in North America, 20 per cent in Europe, and 50 per cent in African countries.
However, there is no increase in prices of diesel and petrol in India, the minister said.
Sitharaman said Prime Minister Narendra Modi has directed ministers that there should not be any burden on the citizens of India.
"We are working accordingly," she said, adding that the government has issued a notification cutting excise duty on both petrol and diesel by Rs 10 each.
"The results are that petrol and diesel retail prices in India remain completely unchanged. They have not increased. On the contrary, the government is taking the burden, making sure the oil marketing companies will ensure buying more and doing supply and keeping the supply uninterrupted. We are making sure that people of India do not suffer," Sitharaman said.
On the impact of excise duty cuts on fiscal deficit, the minister further said mobilisation of additional resources, prioritisation of growth-induced expenditure, better targeting of welfare expenditure, and greater transparency in fiscal operations have been the hallmarks of the Modi government.
"Going forward, we will continue to ramp up our efforts in mobilising additional non-tax revenues, and our government will remain on its toes to carefully manage the country’s fiscal position," she said.
Dismissing rumours of an imminent lockdown, Sitharaman said restrictions have been imposed in Pakistan and Bangladesh, and not India.
"Some politicians are spreading rumours that there will be a lockdown. There is no possibility of a lockdown in India. Stop this baseless rumour mongering and creating fear in the minds of people," Sitharaman said.
The senior minister said the situation in several countries is bad because of the ongoing war in West Asia, but "we are managing the situation well so that our citizens do not face any problems".
Later, the Rajya Sabha returned the Finance Bill with a voice vote, thus completing the budgetary exercise, which started on February 1 with the presentation of the Union Budget.
The Finance Bill gives effect to tax proposals announced in the budget.
The Union Budget 2026-27 envisages a total expenditure of Rs 53.47 lakh crore, an increase of 7.7 per cent over the current fiscal ending March 31.
The total capital expenditure proposed for the next fiscal is Rs 12.2 lakh crore.
It proposes a gross tax revenue collection of Rs 44.04 lakh crore and a gross borrowing of Rs 17.2 lakh crore.
The fiscal deficit for FY27 is projected at 4.3 per cent of GDP, lower than 4.4 per cent in the current fiscal.