Fossil fuel de-addiction may wipe out a big chunk of India’s government revenues


Fossil fuel de-addiction may wipe out a big chunk of India’s government revenues

One of the biggest losers in the fight against climate change could be the Indian government. Taxes and other revenue from fossil fuels contributed $86 billion (Rs6.23 lakh crore) to the budgets of India’s national and state governments in 2017, according to a study by the International Institute for Sustainable Development (IISD). That was 17.8% of their combined revenue that year.

The lion’s share of the $86 billion pie comes from the excise duty on oil suppliers and the goods and services tax (earlier value-added tax) levied on consumers. This makes India the second-most dependent on fossil fuel revenue among BRICS nations, a group of five major emerging economies, the report said. Read More

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