India to step up use of biofuels to cut oil import bill

India aims to increase the use of biofuels to cut its oil import bill by 120 billion rupees ($1.7 billion) by 2022 and reduce carbon emissions, Prime Minister Narendra Modi said on Friday.

India is the world’s third-biggest oil importer and consumer and ships in about 80 percent of its crude needs, but is gradually building capacity to increase its output of biofuels.

The South Asian nation plans to build 12 bio-refineries costing 100 billion rupees to produce fuel from items including crop stubble, plant waste and municipal solid waste, Modi said.

“Biofuels can help reduce import dependency on crude oil. They can contribute to a cleaner environment, generate additional income for farmers and rural employment,” he said at an event in New Delhi to celebrate World Biofuel Day. Read More