India will triple production of ethanol to 450 crore litres under its ethanol lending programme over the next four years leading to savings of Rs 12,000 crore worth of costly crude oil imports, Prime Minister Narendra Modi said today.
“We will produce 450 crore litre of ethanol in next four years from existing 141 crore litre. It will result in import savings of Rs 12,000 crore,” Modi said, addressing an event here to mark the World Biofuel Day.
He also said that the country was able to save Rs 4,000 crore last financial year as a result of the programme. “The Oil Marketing Companies (OMCs) are spending Rs 10,000 crore to set up 12 second-generation ethanol plants aross the country. Each refinery will employ around 1,000-1,500 people,” the PM said.
Modi as also said the government is trying to achieve ethanol blending ratio of 10 per cent by 2020 and 20 per cent by 2030. “The new biofuel policy will help farmers increase their income. The use of bio-fuel is the bridge between economic development and environment protection,” the PM said. Read More
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