India intends to slash equity investment to $1.8 billion in 2023/24 to aid state oil refiners' eco-friendly initiatives, aiming to restrain fiscal deficit. With plans to cap fiscal deficit at 5.9% of GDP, Bharat Petroleum Corp, Hindustan Petroleum Corp, and Indian Oil Corp target carbon neutrality by 2040-2046. The reduced $3.61 billion equity support will be staggered, with $1.8 billion allocated in 2023/24. Refiners' solid financial state led to halving the funds, prompting planned rights issues adjustments. ONGC aims to increase government stake through share issuance, while financing options for HPCL include ONGC's rights issue.