In 2023, the total support for all fossil fuels for producers in India was already experiencing substantial growth. Forecasts indicate a steady increase from $55.56 million in 2024 to $56.23 million in 2028, at constant 2020 prices. The year-on-year growth percentages show slight but consistent incremental increases, suggesting stability in government support levels. The five-year compounded annual growth rate (CAGR) from 2024 to 2028 is expected to be modest, reflecting a continuous albeit moderate rise in fossil fuel producer support.
Future trends to watch include potential policy shifts towards renewable energy that could alter support levels for fossil fuels. Additionally, increased global pressure for carbon reduction might influence government planning and subsidy allocations.
