Investors wave signs of interest to set up distilleries of 56 crore litres/annum in Odisha

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According to a tweet by the Department of Food and Public Distribution, India Joint Secretary Sugar had a meeting with Principal Secretaries Agriculture & Industries Odisha regarding setting up distilleries for producing ethanol. 9 investors have shown interest to set up distilleries of 56 crore litre annual capacity. The Government of Odisha has already given clearance to 6 proposals. This step is likely to give a major boost to the farm sector in Odisha.

India has preponed it’s target of achieving 20% ethanol-blending with petrol by five years to 2025 as it looks to cut its dependence on costly oil imports. Government of India is encouraging sugar mills, distilleries and entrepreneurs to set up new distilleries and to expand their existing distillation capacities and is also extending financial assistance by way of interest subvention for 5 years at 6% maximum rate of interest against the loans availed by sugar mills/ distilleries from banks for setting up their projects. In next few years with 20% ethanol blending with petrol, Government will be able to reduce import of crude oil, a step towards being Atma Nirbhar in the Petroleum sector and this will also help in increasing the income of farmers and creating additional employment in distilleries.

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