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Govt to unveil new biofuel policy in bid to cut crude oil imports: Pradhan

Says we aim to develop biofuel economy worth of Rs 1 lakh crore in next 2 years

Reuters  |  New Delhi 

India will soon announce a new policy to promote biofuels as part of efforts by the world's third-largest emitter of greenhouse gases to cut imports of fossil fuels like oil, gas and coal, a government minister said on Thursday. The government aims to develop a biofuel economy worth Rs 1 lakh crore ($15.6 billion) in the next two years, Oil Minister Dharmendra Pradhan told a conference on renewable energy on Thursday. India's top three state-owned oil companies have pledged a combined $2 billion to carry out research to develop biofuel technologies and the government has ...

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First Published: Thu, August 10 2017. 15:00 IST