India saved $15 billion on energy subsidies in past two years: Report

Reforms to curb wasteful consumption, decreasing global oil prices triggered the trend

India has saved over $15 billion on energy subsidies in the past two years, on the back of reforms to curb wasteful consumption in oil and gas subsidies along with the decrease in global oil prices, said a report by the International Institute of Sustainable Development (IISD).

According to the report, the total value of energy subsidies from the central government has declined substantially between financial years (FY) 2014 and 2016- from Rs 2,16,408 crore ($35.8 billion) to Rs 1,33,841 crore ($20.4 billion). 

“While the decline is significant, subsidies still favour fossil fuels much more than renewables. The government is