Amidst the ongoing conflict in West Asia and rising crude oil prices, Prime Minister Narendra Modi has described the Ethanol Blending (E20) policy as important for India’s energy security. Speaking at the inauguration of Noida International Airport in Jewar, Uttar Pradesh on Saturday (28 March), he said that this initiative has played a big role in reducing the country’s dependence on foreign oil.
In his address, the Prime Minister made special mention of the sugarcane farmers of Western Uttar Pradesh and expressed his gratitude to them. If ethanol blending had not happened, we would have had to import 45 million barrels of oil from abroad, he said, and stressed that with the contribution of farmers, the country has saved a lot of precious foreign exchange.
Global energy markets remain volatile due to tensions in West Asia. This sector supplies more than 40 percent of India’s total crude oil imports, due to which the current crisis is directly impacting India.
India’s ethanol blending program aims to reduce dependence on imported crude oil, save foreign exchange and reduce carbon emissions. This program has grown rapidly in recent years. The country achieved the target of mixing 20 percent ethanol in petrol five years ahead of schedule. Supply of E20 petrol has been made mandatory for oil marketing companies in all states and union territories from April 1. The government has set a target of increasing this share to 30 percent by 2030.
According to data from the Ministry of Petroleum and Natural Gas, India has saved foreign exchange worth about Rs 1.36 lakh crore due to this policy in the last ten years. Besides, this initiative is also being considered an important step towards environmental protection.
During this, Prime Minister Modi appealed to the countrymen to maintain restraint and unity amid the global crisis. He said, “I once again urge the countrymen to face this crisis peacefully, with patience and unity. This is a global crisis, but we have to keep India’s interests paramount, this is our biggest strength.”
The Prime Minister assured that the government is fully alert regarding energy supply and it is being ensured that there is no shortage of fuel in the country. He said that India is strongly facing the challenges arising from the ongoing conflict in West Asia and is continuously moving towards the goal of ‘Developed India’.
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