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
Latest posts by Qz (see all)
- Fossil fuel de-addiction may wipe out a big chunk of India’s government revenues - November 14, 2019
- India’s High-Speed Rail Has Higher Costs Than We Know - October 25, 2019
- Modi’s UDAY scheme hasn’t helped Indian power firms, instead it’s wrecking state finances - October 7, 2019