New Delhi: India’s nascent biofuel industry has the potential to develop into a flourishing Rs 1 lakh crore market in the coming years, said Petroleum and Natural Gas Minister Dharmendra Pradhan on Wednesday.
Addressing a workshop on “New National Policy (Draft) on Bio-fuels & Pradhan Mantri JI-VAN Yojana” here yesterday, the minister said 1-G and 2-G ethanol, bio-diesel, MSW (municipal solid waste) to fuel and bio-CNG together with methanol (DME) have huge potential in augmenting economic growth, generating employment and doubling farmers’ income.
“The requirement of petrol in 2030 will reach 5,000 crore litre from 3,000 crore litre now. Considering the 20 per cent blending target by 2030 under the Ethanol Blended Programme, the ethanol requirement will be 1,000 crore litre which, considering an average price of Rs 50 per litre, will result in Rs 50,000 crore business, excluding the supply chain and allied infrastructure investment,” Pradhan said.
The Minister said, 1-G and 2-G Ethanol, Bio-diesel, and Bio-CNG together with Methanol have huge potential in boosting economic growth, generating employment and doubling farmer’s income. It will be instrumental in achieving the target of 10 per cent import reduction by 2022, he claimed.
The workshop was organised as the government is promoting Biofuels with an objective to reduce dependency on import of crude oil, savings in foreign exchange, provide better remuneration for the farmers and address growing environment concerns.