Mumbai: The Union government’s decision of blending 20% ethanol with petrol will boost the economic activities in the country generating the revenue of over Rs 1 lakh crore every year, said Union Petroleum secretary Tarun Kapoor. This will also help in reducing foreign currency expenditure of the country on purchasing crude oil, he said.
Presently petrol in India is sold with 5% ethanol blending most of which is produced by sugar mills in the country.
Addressing the gathering at an event organized by Repos Energy, he said, “We are increasing our target of blending 20% ethanol with petrol and setting up 5,000 compressed biogas plants that would generate an economic activity amounting to Rs 1 lakh crore every year”.
Following the trend in the world, India is shifting to the use of renewable energy sources rather than depending on fossil fuels. We are focusing on the increase in the production of Biofuel like ethanol that is presently generated from sugarcane and other natural resources, he said.
This sector will generate employment and the start-ups can grab the opportunity in this sector, he said.