In a bid to reduce its crude oil imports over the next four years, India is set to invest heavily in biofuels.
Various media outlets are reporting that on 10 August, India’s Prime Minister Narendra Modi announced the plans to build the country’s biofuel capacity through 100 billion rupees of investment.
India is one of the world’s biggest oil importers and consumers. According to the Nahvind Times, the country relies on imports to meet 81% of its needs.
“The target is to raise ethanol production for doping in petrol to 450 crore litres in four years that will save Rs 12,000 in import bill,” Modi said at a function to mark the World Biofuel Day, according to the Telegraph India.
“Biofuels can help reduce import dependency on crude oil. They can contribute to a cleaner environment, generate additional income for farmers and create rural jobs.” Modi continued.
The investment will go towards building 12 new biorefineries in the country, which will produce biofuel from feedstocks such as plant waste and municipal solid waste.