The total support for all fossil fuels for consumers in India is projected to decline from $11.08 billion in 2024 to $10.54 billion in 2028, indicating a decreasing trend. In 2023, the support stood at $11.21 billion. The year-on-year reduction is consistent, ranging from approximately -1.23% to -1.26%. Over the five years, the compound annual growth rate (CAGR) is approximately -1.23%, reflecting a steady decrease in support levels.
Future trends to watch include potential policy shifts towards renewable energy sources and how they may further influence subsidies in fossil fuel markets. Additionally, energy market volatility and global geopolitical factors could impact these forecasts significantly.
