In 2023, total support for fossil fuels in India stood at 11.16 billion USD. The forecast from 2024 to 2028 shows a consistent decline in support from 10.95 to 10.12 billion USD. Year-on-year, the percentage decrease is approximately 1.9% in 2025, 2% in 2026, 1.9% in 2027, and 2.1% in 2028, reflecting a steady reduction. The compound annual growth rate (CAGR) over these five years is approximately -1.9%, indicating a gradual decrease in fossil fuel support.
Future trends to watch include the impact of policy changes aimed at accelerating the energy transition, shifts in energy consumption patterns, and any economic developments that might influence fossil fuel subsidy strategies in India. These factors could significantly affect the trajectory of support for fossil fuels moving forward.
