NEW DELHI: The ethanol blending in petrol has resulted in forex savings of over Rs 41,500 crore in the past eight years for the country, said petroleum minister Hardeep Singh Puri on Friday. The minister, speaking at Auto Expo 2023, said the blending has benefited over Rs 40,600 crore payment made to the farmers.
“This has resulted not only augmenting India’s energy security but also translated into a forex savings of over Rs 41,500 crore, reduced greenhouse gas emissions of 27 lakh million tonnes and benefitted farmers with payment of over Rs 40,600 crore made to the farmers,” said Puri.
The government has increased the ethanol blending in petrol from 1.53% in 2013-14 to 10.17% in 2022, which was well ahead of the November 2022 deadline and advanced its target to achieve 20% ethanol blending in petrol from 2030 to 2025-26. The minister also mentioned about the reduction in security deposit amount from 5% to 1%, extending a benefit of nearly `400 crore to ethanol suppliers for ease of doing business and reduction of the GST on bio-fuel from 18% to 5%.
“India is the front runner in mitigating climate change globally and is progressing fast on its energy transition agenda. Today’s event marks the extent to which India is willing to innovate to keep its pledge of protecting environment while simultaneously addressing the growing demand for energy”, added Puri.
The minister highlighted setting up five 2G ethanol bio-refineries in the country at Panipat (Parali) in Haryana, Bathinda in Punjab, Bargarh (Parali) in Odisha, Numaligarh (Bamboo) in Assam and Devangere in Karnataka. “We are launching a Global Alliance on Biofuels, along with USA and Brazil during India’s Presidency of G20”, he ended.