New Delhi, May 25 -- Union Finance Minister Nirmala Sitharaman said high and volatile global prices of fuel, fertilizer and gold are creating the most serious external challenges for India, even as domestic economic indicators remain resilient.

Speaking at the 37th SIDBI Foundation Day programme, the minister linked the uncertainty to the ongoing West Asia crisis and stressed that the government's approach is to protect citizens, support MSMEs and keep supply chains moving.

"It is because of high international crude prices," Sitharaman said, explaining the context behind the Prime Minister's call to conserve foreign exchange. "And the high crude prices are ever changing. It's seriously dynamic. One rate at one point in time, within a we...