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PM Modi: We will save 12,000 crores with ethanol

     Written by : SMTV24x7 | Fri, Aug 10, 2018, 02:16 PM

PM Modi: We will save 12,000 crores with ethanol

New Delhi, Aug 10: Prime Minister Narendra Modi said that the production of ethanol will be raised to 450 crore liters in the next four years.

This means India is expected to accrue foreign exchange savings of up to Rs 12,000 crore every year.

The last governments claimed that ethanol blending was not encouraged. At the time of the Vajpai government, Ethanol blending began, but the successive governments have not maintained this plan.

Speaking at an event to mark the World Biofuel Day, Modi said: “The country has set its course to produce nearly 450 crore litres of ethanol in the coming four years. Ethanol blending in petrol increased from 38 crore litres in the ethanol supply year 2013-2014, to an estimated 141 crore litres in the ethanol supply year 2017-2018. The Government had also approved the National Policy on Biofuels in June 2018.”

He said 12 bio-fuel refineries would be set up at a cost of Rs 10,000 crore. By 2022, 10% of petrol will be developed to blend ethanol. It will increase 20 percent by 2030. Biofuel refineries will also increase employment opportunities.

He said, “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 Centre also wants more agrarian produce such as potatoes and agrarian waste to be converted into ethanol and we are working towards the same.”

“Biofuels can help reduce import dependency on crude oil. They can contribute to a cleaner environment, generate additional income for farmers & rural employment. Biofuels have synergies with various government initiatives, including enhancing farmers’ incomes, and Swachh Bharat,” he added.