India's progress on fossil fuel subsidy reform noteworthy, says ADB

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"By carefully balancing the combined effect of three key policy levers - retail prices, tax rates, and subsidies on selected petroleum products - the country was able to reduce its fiscal subsidy in the oil and gas sector by 85 per cent, from an unsustainable peak of USD 25 billion in 2013 to USD 3.5 billion in 2023," it said.

India has since 2010 made noteworthy progress on fossil fuel subsidy reform through a calibrated 'remove', 'target', and 'shift' approach, the Asian Development Bank (ADB) said in a new report.

In its 'Asia-Pacific Climate Report', ADB said India gradually phased out the subsidy on petrol and diesel (from 2010 to 2014) and carried out incremental tax increases (from 2010 to 2017), which created fiscal space to increase government support for renewable energy, electric vehicles, and strengthening of electricity infrastructure.

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Category: BusinessFinance

Markets: IndiaBangladeshCuba

Topics: Subsidies India on fossil fuels Fuels Asian Development Bank Fossil fuels ADB

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-02 @ 14:57:50 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 520 words

Reading Time: 3 minutes read

Sentences: 13 lines

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Copyright Owner: © Business Standard

News ID: 23369223

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