Business News | India Will Achieve 20% Blending Target Next Month: Union Minister for Petroleum Hardeep Puri
Get latest articles and stories on Business at LatestLY. Puri said, "Our target was to achieve 20 per cent blending by 2030, we postponed the target to 2025 and now we will probably do 20 per cent blending of biofuel by next month."
New Delhi [India], January 21 (ANI): Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, revealed that India would achieve 20 per cent biofuel blending by next month, well ahead of the original 2030 target, which was later advanced to 2025, at the Society of Indian Automobile Manufacturers (SIAM) 3rd International Symposium for Thriving Eco-Energy in Mobility. Speaking at the event, the minister
Puri said, "Our target was to achieve 20 per cent blending by 2030, we postponed the target to 2025 and now we will probably do 20 per cent blending of biofuel by next month."
Highlighting India's current energy consumption of 5.4 million barrels of crude oil daily, Puri stressed the critical need to reduce dependence on fossil fuels.
He stated, "One thing that we can say with confidence is that our journey to become the fifth largest economy, and if figures that are in the public domain are to be believed, we will be the fourth largest economy very soon and thereafter, to move up the economic activity ladder, we will continue to require energy, and we will require all forms of energy."
He pointed out that 67 million people who visit petrol pumps daily are already benefiting from biofuel-blended fuel.
"As our economy grows, our energy requirements are also set to rise. Therefore it is absolutely essential that we reduce our dependence on fossil fuels. Over the past decade, the ethanol branding program has saved approximately US dollars, 14. 5 billion in foreign exchange, and reduced CO2 emission by 57.8 million metric tons," Puri stated.
India's energy transition strategy includes a mix of compressed biogas, natural gas, compressed natural gas (CNG), and electric vehicles (EVs).
The minister emphasized that the country's journey to becoming the world's fourth-largest economy would rely heavily on diversified and sustainable energy solutions.
"Our journey to become the fifth-largest economy, and if figures in the public domain are to be believed, the fourth-largest very soon, will require all forms of energy. We welcome recent global developments, including the lifting of oil drilling bans by the US, which will further boost our energy imports from the region," he added.
The automobile industry, Puri noted, has played a pivotal role in India's economic growth, creating approximately 45 million jobs and revolutionizing mobility and connectivity nationwide.
"The automobile industry has also generated around 45 million jobs and has transformed mobility and connectivity across the country," Puri remarked.
Puri also welcomed recent announcements by the US to lift bans on oil drilling, highlighting the potential for increased energy imports from the region. He emphasized the importance of international cooperation to meet India's growing energy demands.
He emphasised, "India's energy import from the US will rise after US President Trump's decision. India welcomes Trump's announcement of lifting the ban on oil drilling." (ANI)
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