Subsidy in Oil and Gas Sector Sees Significant Decline

New Delhi: \The oil and gas sector has experienced a remarkable decrease in subsidies over the past decade. A report from the Ministry of New and Renewable Energy (MNRE) highlights that subsidies in this sector have plummeted by 85%, showcasing a substantial shift in government spending priorities. Here are the key details:

Dramatic Reduction in Subsidies:
The subsidy amount allocated to the oil and gas sector has fallen sharply from $25 billion in 2013 to just $3.5 billion by 2023. This significant decline underscores the government’s efforts to reduce fiscal burdens associated with energy subsidies, leading to a reallocation of resources toward sustainable and renewable energy initiatives.

Shift in Government Priorities:
The decrease in subsidies reflects a broader governmental strategy aimed at transitioning towards cleaner energy sources and reducing dependency on fossil fuels. By cutting down on oil and gas subsidies, the government is likely to channel funds into renewable energy projects, fostering a sustainable energy future while also addressing climate change concerns.