<h1>India Shifts to Carbon Taxation, Raising Fuel Prices and Cutting Emissions by 11 Million Tons Annually.</h1> India has transitioned from a carbon subsidization regime to significant carbon taxation, as highlighted in the Economic Survey 2014-15. By increasing taxes on petroleum products and cutting subsidies, India has effectively placed a price on carbon emissions, resulting in higher petrol and diesel prices and a projected reduction of 11 million tons of CO2 emissions annually. Additionally, the coal cess has doubled, equating to a carbon tax of approximately $1 per ton, addressing domestic externalities like health costs. The survey emphasizes the need for continued reform in coal and petroleum pricing to ensure energy access for the poorest while contributing to global climate change efforts.