Based on the forecasted data for tax expenditure on petroleum for fossil fuel production in India, there is a consistent increase projected from 2024 to 2028. The value starts at 9.49 billion USD in 2024 and is expected to rise steadily, reaching 11.71 billion USD by 2028. From 2023, the trend indicates an annual growth rate (CAGR) that reflects a stable upward trajectory over the five-year forecast period. This suggests a compounded annual growth in tax expenditure around 5.37% from 2024 to 2028. The year-on-year increase consistently demonstrates a healthy growth of about 5.5% annually.
Future trends to watch for include changes in environmental policies or shifts towards renewable energy sources that could impact these expenditures. Additionally, fluctuations in global oil prices and domestic production capacities could alter government budgeting and tax subsidies in the petroleum sector.
