World Biofuel Day 2018: Modi says India can save Rs 12,000 crore in forex in next few years; this is how

By: | Updated: August 10, 2018 11:32 AM

World Biofuel Day: India saved Rs 4,000 crore worth of foreign exchange last year due to ethanol blending in petrol, Prime Minister Narendra Modi said on Friday.

Narendra Modi, World Biofuel Day, Vigyan Bhawan, Petroleum, Natural GasMore use of biofuel will increase farmer income and also create employment opportunities, Modi said.

India saved Rs 4,000 crore worth of foreign exchange last year due to ethanol blending in petrol, Prime Minister Narendra Modi said on Friday. We expect forex saving of Rs 12,000 crore in the coming four years, Modi said at an event to mark World Biofuel Day. Ethanol saves not only country’s foreign exchange, but environment as well, he said while addressing a gathering, consisting of farmers, scientists, entrepreneurs, students, government officials, and legislators. The government targets to increase ethanol blending to 10 percent by 2022.

More use of biofuel will increase farmer income and also create employment opportunities, he added. Due to government’s efforts, ethanol blending in petrol increased from 38 crore litres in the ethanol supply year 2013-14, to an estimated 141 crore litres in the ethanol supply year 2017-18, he said. The government also approved the National Policy on Biofuels in June 2018, Modi added.

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World Biofuel Day is obseved each year on August 10 with an aim to raise awareness about the significance of non fossil fuels which can be used as an alternative to fossil fuels, according to an official statement.

It was in June 2018 that the government approved the National Biofuels Policy 2018. By 2030, Modi government has set a target to reach 20 percent ethanol blending and 5 percent biodiesel blending.

It is expected that the biofule policy may help in expansion of the scope for production of ethanol and provision of incentives for advanced biofules production.

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