In 2023, total support for fossil fuel production in India stood at an actual figure of $9.30 billion. Forecasts indicate a steady rise with supports reaching $9.82 billion in 2024 and $12.06 billion by 2028, reflecting an average year-on-year percentage growth of approximately 5.31%. Over a longer five-year period, the compound annual growth rate (CAGR) is estimated to be around 5.4%, portraying a consistent upward trend.

Future Trends to Watch For:

The impact of international climate agreements and pressure to reduce fossil fuel subsidies may alter trends.
Technological advancements in renewable energy could shift focus away from fossil fuel support.
Government policies aimed at energy transition may affect the scale of subsidies in future years.