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Business News/ Politics / Policy/  Economic Survey 2017: India should reduce dependency on fossil fuels
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Economic Survey 2017: India should reduce dependency on fossil fuels

The Economic Survey 2017 says India, which signed Paris agreement on climate change in Dec 2015, will now shift its focus to implementing the pact

The Economic Survey 2017 says that India’s reliance on fossil fuels remains “well below” China and also below the US, the UK and Europe at comparable stages of development. Photo: AFPPremium
The Economic Survey 2017 says that India’s reliance on fossil fuels remains “well below” China and also below the US, the UK and Europe at comparable stages of development. Photo: AFP

New Delhi: Government should take steps to bring down the country’s reliance on fossil fuels below the level of other countries and continue to be a good global citizen on climate change, the Economic Survey said on Tuesday. India, which signed Paris agreement on climate change in December 2015, will now shift its focus to implementing the pacts, it said.

On India’s fossil fuel use from long-term perspective, the Survey said that so far the country’s reliance on fossil fuels remains “well below" China and also below the US, the UK and Europe at comparable stages of development.

“Going forward, of course, India needs to bend the curve to ensure that its reliance on fossil fuels declines and keeping it below the level of other countries so that its good global citizenship on climate change can continue," it said.

Also read: Economic Survey 2017 tabled in Parliament: Key highlights

On pricing of carbon to tackle climate change, the Survey said since June 2014, when international oil prices started declining, India has increased its excise duties from Rs15.5 per litre to Rs22.7 per litre as of December 2016 for branded petrol and from Rs5.8 per litre to Rs19.7 per litre for branded diesel.

When compared with other G-20 nations, the results are striking. The increase in petrol tax has been over 150% in India, it said.

In contrast, the governments of most advanced countries have simply passed on the benefits to consumers, setting back the cause of curbing climate change.

Also read: Budget session: Key highlights of President’s speech

“As a result, India now outperforms all the countries except those in Europe in terms of tax on petroleum and diesel," the Survey noted.

Having decisively moved from a regime of carbon subsidies, it is now de facto imposing a carbon tax on petroleum products at about $150 per tonne, which is about 6 times greater than the level recommended by the Stern Review on Climate Change, it added.

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Published: 31 Jan 2017, 04:55 PM IST
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