India Seeks to Expand Biofuels Market to $7.5 Billion by 2022
- India’s current biofuels market size is about $1 billion
- India to source all raw material for biofuels domestically
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India is targeting a more than sevenfold expansion in its biofuels market over the next six years, stepping up the country’s efforts to cut its reliance on energy imports.
Blending five percent of biodiesel with regular diesel and 10 percent ethanol with gasoline could boost the market to 500 billion rupees ($7.5 billion) by 2022, from about 65 billion rupees now, Oil Minister Dharmendra Pradhan said Wednesday. India would require 6.75 billion liters of biodiesel and 4.5 billion liters of ethanol for blending over the six years, he said.