India will save Rs 120 bn through ethanol blending programme: PM Modi

The country is also targetting 5 per cent biofuel blending by 2030, as part of the National Policy on Biofuels

Prime Minister Narendra Modi on Friday said that in the next four years, India will save at least Rs120 billion through the ethanol blending programme. 

Addressing the World Bio-fuel Day celebrations in the capital, he said the country is targetting 10 per cent blending of fuel with ethanol by 2022, while this may be increased to 20 per cent by 2030. This is expected to lower the country’s import bill, which is currently expected to rise 24 per cent from $88 billion in 2017-18 to $109 billion in 2018-19, considering an average Indian basket crude oil price of $65 a barrel. 

This