The forecast for direct transfer on all fossil fuels for residential use in India shows a declining trend from 2024 to 2028. In 2024, this value stands at 0.11% of GDP, decreasing progressively each year to reach 0.042% by 2028. The year-on-year analysis reveals a reduction with an average decline rate over this period, indicating a consistent effort towards reducing fossil fuel subsidies in the residential sector.
Looking ahead, key trends include a potential shift towards renewable energy sources and increased government focus on energy efficiency. Monitoring global fuel prices and policy changes will be critical in understanding future impacts on GDP allocations for fossil fuel subsidies.
