PM Modi explains how ethanol blending is shielding India’s economy from gl ...
With the nearly US-Israel war on Iran shows no sign of ending, putting pressure on global supply routes, Prime minister Narendra Modi on Saturday stressed how ethanol blending initiative initiated by his government has helped the country reduce its oil import bill amid the crisis.Addressing the inauguration ceremony of Phase I of the Noida International Airport in Jewar, PM Modi said that ethanol blending with petrol has helped India “reduce import by 4.5 crore barrels – that is, 700 crore litres – from abroad”.
India has maintained a steady 20% ethanol blending in petrol, a target originally set for 2030 but achieved five years ahead of schedule.
“The expansion of modern connectivity will give a boost to the potential of the food processing sector in Western UP, thereby facilitating access to global markets. I want to thank farmers, as the ethanol produced from your produce has helped reduce the country’s dependence on crude oil.
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Had it not been for this blending with petrol, we would have had to import 4.5 crore barrels – that is, 700 crore litres – from abroad. The nation has benefited from the hard work of its farmers, while the farmers themselves have also reaped rewards. This money, which was saved, could otherwise have flowed out of the country,” the Prime Minister said.
Context of PM Modi’s claims
The remark comes amid high crude oil prices due to the West Asia conflict. India met its target of blending 20 per cent ethanol in petrol five years in advance.
Acknowledging the inflation due to the US-Israel war on Iran, he said that the government is taking steps to ensure that the burden of this crisis does not fall on the public.
“In West Asia, a war has been going on for the past month. In many countries, the prices of food items, petrol, fertilisers, and other essentials have increased significantly. Every country is trying to deal with this crisis. Our India is also facing this situation. India imports a large amount of crude oil from the regions affected by this conflict.
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Therefore, the government is taking every possible step to ensure that the burden of this crisis does not fall on the country. Even in this time of crisis, India has continued to sustain its rapid development,” PM Modi said.
The global supply chain have been affected since February 28, the day Israel-US launched strikes on Iran, killing Supreme Leader Ayatollah Ali Khamenei. Tehran retaliated by targeting its Gulf neighbours hosting US military bases. While the crude oil prices increased in the global markets, the Centre has decided to slash the excise duty on petrol and diesel.
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