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India has saved ₹91,000 crore on its import bill thanks to the successful implementation of biofuel blending, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri announced today. Speaking at the inauguration of the 27th Energy Technology Summit in Bengaluru, Puri highlighted the economic and environmental benefits of blending biofuels with traditional fuels. He also emphasized that this significant financial saving could be redirected to boost the agricultural sector, further supporting India's commitment to sustainable energy solutions.

Puri pointed out that India has achieved the second-highest position globally in biofuel blending, underscoring the country's leadership in renewable energy adoption. The Minister expressed confidence that India would meet its ambitious target of 20% biofuel blending by next year, ahead of schedule, and continue to reduce dependence on imported crude oil.

India's Energy Demand and Carbon Emission Targets

Addressing the future of energy security, Puri stated that India's energy demand is expected to grow by two and a half times by 2047. To meet this demand, he noted that India's crude oil refining capacity has increased to 400-450 million metric tons per annum, which represents one-third of the global average.

The Minister also stressed the importance of accelerating efforts to meet India's target of achieving net-zero carbon emissions by 2070. "Energy security, sustainability, and technological innovation must go hand-in-hand if we are to meet our ambitious energy targets," Puri said.