Subsidies to oil & gas sector reduce 85% to $3.5 bn in 10 years: MNRE

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Subsidies to oil & gas sector reduce 85% to $3.5 bn in 10 years: MNRE - Business Standard

Quick Summary:

The ministry said, as per a report of Asian Development Bank (ADB), structured approach, including adjusting retail prices, tax rates, and subsidies on select petroleum products collectively reduced fiscal subsidies in the oil and gas sector by 85 per cent from a peak of USD 25 billion in 2013 to USD 3.5 billion by 2023.

Subsidies to the oil & gas sector saw a reduction of 85 per cent from a peak of USD 25 billion in 2013 to USD 3.5 billion by 2023, according to an official note on Monday.

Since 2010, India has steadily reformed its fossil fuel subsidies, adopting a "remove, target, and shift" approach, the Ministry of New and Renewable Energy (MNRE) said.