At present only up to 5 percent ethanol is added to petrol.
Petroleum Secretary Tarun Kapoor said that India is moving towards bio-fuel from fossil fuels. By this, the country will get many benefits financially. He said that increasing the amount of ethanol in petrol will benefit more than Rs 1 lakh crore in economic activities.
- January 13, 2021, 9:38 AM IST
Kapoor said, “We have done the calculations and this shows that by adding 20 percent ethanol to petrol and setting up of 5,000 compressed biogas plants, there could be an economic movement of Rs 1 lakh crore every year in the country.”
Trust in new age energy
He said that many countries across the world are now moving towards new sources of energy from fossil fuels. A phase of change has started in India. However, there is a great need for energy in the country. We are moving from coal to oil and gas. If India also has to move towards renewables and gas, then we have to see what can be produced within the country. This is where bio-fuels and solar power can prove to be important.Also read: PM Kisan Scheme: More than 20 lakh unqualified people got money, know what to do now
Many advantages of adopting bio-fuel
In this era of change, the adoption of bio-fuel can save foreign exchange on a large scale, increasing the number of entrepreneurs and jobs in large numbers. Also, we can become an economy that can depend on bio-fuel. He also appealed to startups to cash in on this opportunity.
From the manufacturing point of view also, there are big opportunities for startups. Kapoor said that the government companies in the oil and gas sector only spend Rs 1.5 lakh crore in the name of capex. Equipments have to be imported on a large scale.
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If we add private sector capex, then it becomes about 2 lakh crore rupees annually. New opportunities can be created by cashing in on it. He also stressed the government’s ‘Make in India’ program.