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160 INDIA'S HYDROCARBON OUTLOOK 2024-2025

9 9.1 Introduction & Background

India is one of the fastest-growing major
economies in the world, propelled by a large
and dynamic market, alongside significant
domestic reforms and sustained investments
in energy and infrastructure. However, this
rapid development has been accompanied by
Hydrocarbon a notable increase in carbon emissions behind
the USA and China. According to IEA report of
Efficiency & New 2023, India’s CO₂ emissions stood around 2.9
billion metric tons in 2023 and it was projected
to increase by 4.6% in 2024. However, India’s per
Energy capita CO2 emissions are estimated to be around
2.9 tons of CO2 equivalent (tCO2e), according to
the Global Carbon Budget 2024 report. This is
significantly lower than the global average of 6.6
tCO2e.