India Set to Unveil New Biofuel Policy in Bid to Cut Oil, Gas, Coal Imports: Minister
by Sanjeev Choudhary (Economic Times) The government will soon bring out a new policy on biofuel to incentivize the use of the cleaner fuel, Oil Minister Dharmendra Pradhan has said.
Increased use of biofuel, along with higher domestic oil and gas production, energy efficiency and a faster switch to renewable power and electric vehicles are expected to help India curb the import of crude oil. The country imports 82% of its crude requirement and the government is targeting to cut it down to 67% by 2022.
Transport minister Nitin Gadkari said a request to Finance Minister would be made to cut goods and services tax (GST) on biodiesel to 5% from the current 18%. A lower tax can help accelerate use of biodiesel. READ MORE
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