In 2024, total support for fossil fuels in India is projected at 0.25% of GDP. This is a decline compared to the trends observed; by 2028, it is expected to fall further to 0.099%. Year-on-year declines show a steady reduction of financial support, with noticeable dips, reflecting significant policy shifts likely geared towards promoting sustainable energy sources. The Compound Annual Growth Rate (CAGR) over the next five years signifies a consistent and strategic phasing out of fossil fuel subsidies.
Future trends to watch for include intensified government focus on renewable energy investments, potential policy reforms to accelerate energy transitions, and impacts of international climate agreements on fossil fuel subsidy strategies. These factors will likely further diminish fossil fuel supports contributing to India's sustainable development goals.
