Gautam Buddha Nagar (Uttar Pradesh) [India], March 28 : Prime Minister Narendra Modi on Saturday noted that the ethanol blending in petrol has helped India reduce its import dependence on crude oil.
Addressing the inauguration ceremony of Phase I of the Noida International Airport in Jewar, PM Modi expressed gratitude towards sugarcane farmers for aiding the 20 per cent ethanol blending in petrol.
"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. 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.
This comes amid high crude oil prices due to the West Asia conflict, while India met its target of blending 20 per cent ethanol in petrol five years in advance.
Acknowledging the inflation due to the conflict between the US-Israel, and Iran, he said that the government is taking steps to ensure that the burden of this crisis does not fall on the public.
PM Modi said, "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. 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."
The conflict in West Asia began with Israel-US strikes on Iran on February 28, killing Supreme Leader Ayatollah Ali Khamenei. As Iran retaliated, it widened the ambit of the conflict, affecting its neighbours in the region. 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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