The forecasted tax expenditure on fossil fuels in India shows a year-on-year increase from 2024 to 2028. The baseline value for 2023 was $9.75 billion. From 2024, with a starting value of 10.31 billion USD, there is a noticeable upward trend, reaching 12.63 billion USD by 2028. The compound annual growth rate (CAGR) over this period from 2024 to 2028 is approximately 5.2%.

Future trends to watch for:

India's policy changes regarding fossil fuel subsidies and their alignment with renewable energy goals.
The impact of global oil price fluctuations on domestic fossil fuel consumption and tax expenditure.
Strategies employed by the government to manage fiscal deficits in light of increasing expenditures.