Prime Minister Narendra Modi on Wednesday said the country saved ₹50,000 crores in foreign exchange by blending ethanol with petrol in the last seven-eight years.

Dedicating the second-generation ethanol plant of Indian Oil Corporation to the nation, Modi said that the same amount of has gone to farmers.

He said the ethanol plant worth ₹900 crore will provide a permanent solution to the problem of stubble burning in farms.

Besides, stubble will become a source of income for farmers, Modi said, adding that ethanol production has increased from 40 crore litres to 400 crore litres in eight years.

Also read: IOC to add 9 tanks at Mundra Port, enlarge Panipat pipeline at ₹9,000 cr. 

He said the plant at Panipat will help reduce pollution in Haryana and Delhi. It uses non-food biomass as feedstock for the production of biofuel.

The project will utilise 2 lakh tonnes of rice straw to generate around 3 crore litres of ethanol annually. It will also result in a reduction in the emission of greenhouse gases.

The plant will strengthen the efforts to boost production and usage of biofuels and will immensely help our farmers, the PM said. On clean fuels, Modi said that 75 per cent of households will get piped gas supply in a few years.

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