NEW DELHI: Prime Minister Narendra Modi on Friday said that the government is aiming to triple ethanol production in four years to help save Rs 12,000 crore in oil import bill. The country last year saved Rs 4,000 crore in foreign exchange due to the blending of ethanol and petrol. The Prime Minister, while speaking at an event organised in New Delhi to mark the World Biofuel Day, said that about Rs 10,000 crore is being invested in setting up 12 bio-refineries, which will produce fuel from crop stubble and residue as well as urban waste.
“Biofuels can help reduce import dependency on crude oil. They can contribute to a cleaner environment, generate additional income for farmers and boost rural employment,” Modi said. He expects that creation of the 12 bio-refineries will create 1,50,000 new jobs. The Prime Minister, however, did not give a timeline on when the refineries would be set up. It is expected that further details of boosting biofuels will be mentioned in the upcoming Biofuels Policy.