In 2023, the total support for fossil fuels for consumers in India stood at approximately 10.90 billion USD. Forecasts suggest a steady decline in support from 2024 to 2028, with the annual support value dropping from 10.68 billion USD to 9.85 billion USD. This represents a Compound Annual Growth Rate (CAGR) of approximately -2% over the forecast period.
Future trends to watch for:
- Government policies that may accelerate the transition towards renewable energy, leading to further decreases in fossil fuel support.
- Market dynamics, including global energy prices or technological advancements, influencing the affordability and viability of fossil fuels.
- Potential increase in consumer demand for cleaner energy sources, impacting traditional fossil fuel consumption.
