Union Minister of Petroleum and Natural Gas Dharmendra Pradhan, while addressing the Bharatiya Janata Party (BJP) Parliamentary Party meeting, on Thursday on the occasion of International Bio-Fuel Day, said Prime Minister Narendra Modi has set an target of bringing down the dependence of India on other countries as far as fuel imports are concerned.
“80 per cent of fuel, used for transportation and domestic usage in India, is imported. This costs us Rs. 6 lakh crore,” he said today, adding, “Prime Minister Narendra Modi has given the target to bring down this dependence by 10 per cent, by the 75th year of Independence in 2022.”
To curb this dependency, Pradhan also assured of getting a new bio-fuel policy in India.
“We will very soon get a new bio-fuel policy in India, keeping in mind – how to make the investment, what the Government’s role will be, what the incentive will be, what its business benefits will be, and what its minimum assurance will be.”
Union Road Transport and Highways Minister Nitin Gadkari proposed to lower down the tax on bio-diesel from 18 per cent to 5 per cent, under the Goods and Service Tax (GST).
“Bio-diesel is currently charged at 18 per cent tax under the GST. We will ask the finance ministry to bring it down to 5 percent,” he said.
On the same note, last month, India launched its “first of its kind” petroleum Research and Development (R&D) facility for testing high-end BS-VI quality fuel emissions, at Faridabad in the National Capital Region (NCR). Read More…