India provided the fourth largest fuel subsidies among countries in absolute terms in 2022 preceded by China, the United States and Russia, according to a working paper by the International Monetary Fund. Globally, fossil fuel subsidies were $7 trillion in 2022 or 7.1 per cent of GDP, IMF said.

       According to the IMF data, China had the highest fuel subsidies ($2.2 trillion) in 2022, followed by the United States ($757 billion), Russia ($421 billion), India ($346 billion), and the European Union ($310 billion). Out of India’s $346 billion (or 10.6 per cent of GDP) fuel subsidies, the IMF said, $32 billion is explicit subsidies while $314 billion is implicit subsidies. However, India’s per capita fuel subsidies was much lower at $245 compared to Saudi Arabia ($6996), South Korea ($3120), Russia ($2982), Japan ($2498), US ($2243) and China ($1568).

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