India: India’s Import Of Crude Oil Will Reduce In Coming Years With 20% Ethanol Blending

Ministry of Consumer Affairs, Food & Public Distribution noted in a latest update that in next few years with 20% ethanol blending with petrol, Government will be able to reduce import of crude oil, a step towards being Atma Nirbhar in the Petroleum sector and this will also help in increasing the income of farmers and creating additional employment in distilleries. In a normal sugar season, about 320 LMT of sugar is produced against domestic consumption of 260 LMT. This 60 LMT of surplus sugar which remains unsold, blocks funds of sugar mills to the tune of about Rs. 19,000 crore every year thereby affecting liquidity positions of sugar mills resulting in accumulation of cane price arrears of farmers. To deal with surplus stocks of sugar, sugar-mills are being encouraged by the Government to export sugar, for which Government has been extending financial assistance.