ADB Praises India’s Efforts To Cut Fossil Fuel Subsidies

Asian Development Bank commended India for implementing policies aimed at reducing fossil fuel subsidies, specifically on petroleum products, and introducing a cess on coal. This strategy has enabled India to significantly cut fiscal subsidies in the oil and gas sector by 85%, from a peak of USD 25 billion in 2013 to USD 3.5 billion in 2023, according to the ADB’s Asia-Pacific Climate Report.