India Accelerates Biofuel Goals, Eyes Fourth-Largest Economy Spot

India is set to achieve 20% biofuel blending by next month, ahead of schedule. This move is part of a broader strategy to reduce fossil fuel reliance as the nation looks to climb the global economic ladder. Energy diversification will be crucial to meet rising demands.

In a significant leap towards sustainable energy, India's Petroleum and Natural Gas Minister, Hardeep Singh Puri, announced that the country will reach 20% biofuel blending by next month, significantly ahead of the original 2030 timeline, later revised to 2025. The announcement was made at the 3rd International Symposium for Thriving Eco-Energy in Mobility hosted by the Society of Indian Automobile Manufacturers (SIAM).

Puri highlighted India's massive daily consumption of 5.4 million barrels of crude oil, underscoring the urgent need to cut down on fossil fuel reliance. "In our quest to become the world's fifth-largest economy, potentially advancing to fourth, energy demand will invariably rise," he explained. Biofuel integration has already benefited 67 million daily petrol users, saving $14.5 billion in foreign exchange and cutting CO2 emissions by 57.8 million metric tons over the last decade.

India's energy strategy incorporates a mix of renewable resources including compressed biogas, natural gas, CNG, and electric vehicles (EVs). The recent lift in oil drilling bans in the U.S. is welcomed as it promises a boost in energy imports. The automobile industry remains a cornerstone of India's growth, having created 45 million jobs and transforming nationwide mobility and connectivity.

(With inputs from agencies.)