India should increase the use of biofuels to reduce dependence on oil imports, Prime Minister Narendra Modi and road transport and highways minister Nitin Gadkari have suggested on separate occasions.
Less than three months of the Union Cabinet approving the National Policy on Biofuels – 2018, questions are being raised on the lack of transparency in adopting the policy both in terms of technology and funding.
Prime Minister Narendra Modi on Friday said that the government is aiming to cut down its oil import bill by almost Rs 12,000 crore or $1.74 billion by increasing the use of biofuels, reported news agency Reuters.
The Government is taking various measures, including focusing on biofuels, to ease the cost of crude oil import, Union minister Dharmendra Pradhan said today.
At a time when rising oil prices are putting increasing pressure on the economy, even small steps to encourage the use of biofuels are welcome. The Cabinet this month approved a National Policy on Biofuels
The Union cabinet chaired by Prime Minister Narendra Modi today approved the National Policy on Biofuels which allows blending of ethanol produced from damaged foodgrains, rotten potatoes, corn and sugar beet with petrol to cut oil imports by Rs 4,000 crore this year alone.
India is often berated for being late in planning and solving our social, economic and infrastructure issues. This results in the country moving from one crisis to another.
Biofuels have the potential to be a Rs 1 lakh-crore business opportunity in India in the next few years, Dharmendra Pradhan, minister of petroleum and natural gas, said on Friday.
The review provides figures and statistics on natural gas, biofuels and modern renewable energy sources including wind and solar.
India’s top oil refiner is exploring the use of natural gas and electricity to power vehicles as Prime Minister Narendra Modi’s government envisions multiple paths toward reducing the country’s dependence on petroleum-based fuels.