The forecast for total support on all fossil fuels for all beneficiaries or sectors in India shows a gradual decline from 2024 onwards, starting at 11.36 billion USD in 2024 and reaching 10.83 billion USD by 2028. This represents a year-on-year decline, with an average annual decrease (CAGR) in support over the five-year period. In 2023, the actual total support for fossil fuels stood above 11.36 billion USD. The trend suggests a systematic effort to reduce fossil fuel dependency and encourage alternative energy sources.
Future trends to watch for include the impact of government policies on subsidy reductions and the increasing adoption of renewable energy. Additionally, global oil price fluctuations and domestic economic conditions will influence these trends. Monitoring these factors will provide insights into India's energy support landscape.
