Energy Transition Equity Support for Oil Refiners to Be Halved in FY24 by India

According to four official and industry sources, India intends to reduce equity investment to $1.8 billion for 2023–2024 in order to support the green energy projects of three state oil refiners.

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Energy Transition Equity Support for Oil Refiners to Be Halved in FY24 by India

According to four official and industry sources, India intends to reduce equity investment to $1.8 billion for 2023–2024 in order to support the green energy projects of three state oil refiners.

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This move comes as the federal government looks to reduce its fiscal deficit.

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The third-largest economy in Asia is prioritising spending in an effort to keep its budget deficit to 5.9% of GDP for the current fiscal year

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The economy is facing a 40% shortfall in revenue collection from share sales in state-run firms.

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As the federal cabinet has not yet approved the details, all of the persons with firsthand knowledge of the situation spoke under anonymity.

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When Reuters emailed India’s oil ministry, finance ministry, and oil firms for comments, they did not reply.

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