In 2023, the tax expenditure on all fossil fuels for consumers in India was around $9.75 billion. Forecasted data from 2024 to 2028 shows an increasing trend, with values rising from $10.31 billion to $12.63 billion. The year-on-year percentage increase over this period shows steady growth, with a compound annual growth rate (CAGR) of approximately 4.2% over the five-year forecast period. This consistent upward trend highlights a growing financial commitment to fossil fuel-related tax expenditures.

Future trends to watch for:

India's potential shift towards renewable energy sources impacting fossil fuel tax expenditures.
Government policy changes that may alter taxation structures or subsidies for fossil fuels.
Global energy market fluctuations influencing India’s expenditure patterns.