PM targets Rs 12k cr saving in oil import bill from ethanol use
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PM targets Rs 12k cr saving in oil import bill from ethanol use

Prime Minister Narendra Modi today set a target to triple ethanol production in four years to help save Rs 12,000 crore in oil import bill by mixing the sugarcane extract in petrol as well as boost farm income. Speaking at a function here to mark World Biofuel Day, he said about Rs 10,000 crore is being invested in setting up 12 bio-refineries in the country that will produce fuel from crop stubble and residue as well as urban waste. Biofuels can help reduce import dependency on crude oil. They can contribute to a cleaner environment, generate additional income for farmers and create rural jobs, he said. Modi said fuel generated from sugarcane and crop residue not only gives additional income to farmers but also helps the environment by the safe disposal of farm stubble. The world s third largest oil consumer is dependent on imports to meet 81 per cent of its needs and substituting some of the fuel with biofuels will help cut import dependence. India started blending ethanol, ...

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