In a New Delhi event, PM Modi speaks about World Bio-fuel Day, which saved Rs. 4,000 crore worth of foreign exchange. Last year, ethanol blending has reached Rs.141 crore liters in the last accounting year.
PM Modi said that “India has saved worth Rs. 4,000 crore in the last financial year due to savings from ethanol blending programme. The government aims to increase these savings to Rs. 12,000 crore per annum over the next four years.”
He continued that use of “Bio-fuel” has to aid to reduce dependency in crude oil. It is impossible to contribute to a clean environment, create rural employment and generate additional income of farmers. Bio-fuel has a number of helpfulness, which includes growth in farmers’ income and Swachh Bharat programme.
He disclosed that in the forthcoming 4 years, India aims to produce over 450 crore liters of ethanol, contributing to the other benefits of biofuel production.
PM Modi expressed that “We also aim for an earning of Rs. 20,000 crore solely through conversion of sugarcane to ethanol. This amount will aid the income of farmers. The government is also working to raise our capacity to convert agrarian produce such as potato and agrarian waste to ethanol.”
The government of Indian aims to increase ethanol blending in petrol to 10% by 2020 and 20% by 2030. The government further approved that the National Policy of Bio-fuels in June to invest Rs.10, 000 crores to develop 12 Bio-fuel refineries, said PM Modi.
He added that “these refineries would provide around 1,500 jobs each and 1.5 lakhs jobs in all.”
Petroleum Minister Dharmendra Pradhan expressed about the fact of ethanol that it blends in petrol increasing from 38 crore liters in the ethanol supply of 2013-14 and for 2017-18, it was estimated to 141 crore liters.