Nitin Gadkari hints India may spend Rs. 50,000 crore on ethanol production

India is all set to spend around $7 billion (₹50,000 crore) to boost ethanol production as it prepares to roll out a greener mix of gasoline that may cut its dependence on foreign oil.

On Friday, in an interview, India’s Oil Secretary Tarun Kapoor said that, “About 10 billion litres of ethanol will be required each year to meet the 20% ethanol blended fuel standard by 2025.” Adding to this, the Union Minister for Road Transport Nitin Gadkari said that the bio-fuel will benefit both “ecology and economy.”

In an event Nitin Gadkari mentioned that, since many years we have tried convincing people about the benefits of ethanol use but from last five years the policy related to ethanol has been implemented in true sense.” It was also mentioned that today a lot of oil companies and others are going into the right direction in the field of green fuel.

India is all set to spend around $7 billion (₹50,000 crore) to boost ethanol production as it prepares to roll out a greener mix of gasoline that may cut its dependence on foreign oil.

During the event, Mr. Nitin Gadkari mentioned about making a policy that revolves around themes of “import substitution, cost effectiveness and pollution free”.

In this month, Prime Minister Modi mentioned that its the nation’s advance target to make gasoline by 20 per cent ethanol in the next five years that is till 2025 by saving annually around $4 billion. It will also expand the use of renewable energy in the world’s third-biggest oil importer and help to turn the nation’s surplus rice and damaged food grains into ethanol.

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