The government is going to formulate a new biofuel policy to incentivise the production of clean alternative fuels in the country. Speaking at a function to mark the World Biofuel Day, Minister of State (Independent Charge) for Petroleum and Natural Gas, Dharmendra Pradhan said, “We will bring a new biofuel policy for the country which will define the incentives for the sector, recommend return on investment and minimum assurance among others.”
Crops that can be grown in arid regions of Vidarbha, Bundelkhand, Jharkhand, Bihar and Odisha will be used for promoting biofuels. “We will be adding another Rs. 1 lakh crore to the country’s economy through bio-fuels in the coming two years,” he added.The Existing 450 sugar plants and corn set ups will benefit from the new Bio fuel policy according to Ministry of Road Transport Highways & Shipping, Nitin Gadkari.
Gadkari also said that the government is working to promote clean fuels in the inland waterways transport. He said, “We are going to move a cabinet note for Inland waterways and shipping to use Methanol as a fuel. This will promote clean fuels for the waterways sector.”