The road transport minister said that the use of biofuel would help in reducing oil import bill
Indian oil companies are investing in biofuel refineries to boost ethanol production from non-molasses sources such as agricultural residues
Around 5% of the volume of average British tank of petrol or diesel comes from biofuels at present
Both public and private sectors to participate in investment; govt expects biofuel business to touch Rs 50,000 cr by 2022