New Delhi, May 25 -- Finance Minister Nirmala Sitharaman, on Monday (25 May) has disclosed that reducing excise duties on petrol and diesel will result in a revenue shortfall of Rs.1 lakh crore for the government, even as she defended India's economic trajectory and pushed back against what she called a deliberately pessimistic narrative being constructed around the country's growth story.

Finance Minister Nirmala Sitharaman on Monday placed a precise fiscal figure on the government's decision to cut excise duties on petrol and diesel, confirming that the move will result in a revenue impact of Rs.1 lakh crore, according to news agency PTI.

Sitharaman made the disclosure at the 37th Foundation Day event of the Small Industries Developme...