Mumbai: As India charts its energy transition, it must place focus on self-reliance and what can be produced within the country and that is where solar power and bio fuels become very important, said Petroleum Secretary Tarun Kapoor on Monday. Speaking at an event organized by Repos Energy and Tata Motors, Kapoor said, "Just as the world is switching to newer sources of energy as part of a shift away from fossil fuels, a transition is also underway in India. If India has to move to renewable energy and gas, it will have to be seen what can be produced within the country. And this is where bio-fuels and solar power become very important," said the Secretary.
"Adoption of bio-fuels as part of the transition can save a lot of forex, create large number of entrepreneurs, deliver jobs and also help create an economy based on bio-fuels," he said and urged start-ups to make the most of the opportunity. While asserting that opportunities exist for start-ups in the manufacturing sector as well, Kapoor said that PSUs in oil and gas sector spend over Rs 1.5 lakh crore per year on capex, and a bulk of the equipment is imported.
"If one adds the private sector's capex, it becomes a capex of nearly Rs 2 lakh crore per annum which offers a slew of opportunities," said the Secretary.
Kapoor said that blending 20 percent ethanol with petrol and setting up 5,000 compressed bio-gas (CBG) plants will help create an economic activity of over Rs 1 lakh crore every year in India and save foreign exchange. Speaking at an event organized by Repos Energy and Tata Motors, Kapoor said, "We have done a calculation and we see that with the current programmes we have, which means that 20 percent ethanol blending in petrol and the 5,000 compressed biogas plants which we want to set up, we could have an economic activity worth Rs 1 lakh crore every year."
The percentage of ethanol blending in India currently stands at 5 percent. The government has placed a lot of emphasis on increasing this percentage to 20 percent by 2030.
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