Forecast: Fossil Fuel Energy Consumption in India

India's fossil fuel energy consumption has experienced consistent growth from 2013 through 2023. In 2023, the consumption stood at 78.72 units. The year-on-year variation has seen a gradual decline, from 1.79% in 2014 to 0.69% in 2023, indicating a steady trend towards stagnation. The compound annual growth rate (CAGR) over this period has also declined from 0.93% in 2013 to 0.73% in 2023, reflecting a moderate but persistent increase in consumption.

Key Trends:

• Steady decline in year-on-year growth rate.
• Moderate CAGR over the recent five-year period up to 2023.

Looking forward, from 2024 to 2028, forecasts suggest growth will continue at a slower pace with a forecasted five-year CAGR at 0.5% and a total growth rate of 2.54%. This indicates a shift towards slower growth, which may be influenced by greater adoption of renewable energy and government policies aimed at sustainability.