The Council on Energy, Environment and Water (CCEW) and International Institute of Sustainable Development (IISD) recently released a report called “Mapping India’s Energy Subsidies, 2020”.
The report says that India’s energy subsidies have declined by 35% in 2019 as compared to 2017. On the other hand, the oil and gas subsidies have increase by 65%. The report also says that the subsidy expenditure of the country is to be greatly affected by the COVID-19 crisis. The Economic stimulus package of India is to be the main source to drive the energy sector in the future.
Key Observations of the report
The institutes have observed that India has shifted from public resources towards clean energy in the last 6 years. The fossil fuel subsidies have dropped by more than half. On the other hand, the subsidies for electric vehicles and renewable energy have increased by three and a half times since 2014. The subsidies of electric cars have increased by 11 times since 2017.