Nitin Gadkari: Reduce oil imports to achieve $5 trillion GDP goal

Union Road Transport Minister Nitin Gadkari on Friday said using biofuels can reduce crude oil imports which will help save foreign exchange on one hand also achieve the $5-trillion GDP goal by 2025. Nitin Gadkari said his ministry has taken various steps to promote biofuels like ethanol and butanol which are not only feasible but also desirable for the nation as it will also help reduce the emissions.

"Every year we spend around ₹7 lakh crore on oil imports. In this scenario if we have alternate biofuels like ethanol and butanol which can be used in cars and aircraft, why should we not explore those options. They are not just cheap but also pollution-free," Nitin Gadkari said.

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The Nagpur MP also said the aviation sector imports ₹40,000 crores worth of fuel and if they explore bio-fuels, it opens a ₹40,000-crore market for domestic players. He added that steps are being taken to reduce coal imports as well.

"Aviation biofuels are widely accepted in the US and Britain. If we also use it, we will save lots of foreign exchange. We are studying the feasibility of using Napier grass which has higher calorific value instead of coal. I strongly feel that if we undertake these measures, we will be able to achieve our $5-trillion GDP target," Nitin Gadkari said.

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PM Modi explains roadmap to $5 trillion economy 

Addressing the Q&A session at Bloomberg Global Business Forum (GBF) in New York on Wednesday, PM Modi explained India's roadmap to becoming a $5 trillion economy. When asked about the Indian economy's success story, he asserted that India must reform its systems according to the global benchmark. He also spoke about India's business focus, maintaining that investor safety was an area of interest. 

"I agree that in today's world no one can do isolated business. We are passing through the era of interdependency. We have to work according to the global benchmark. First, we have to attach all the laws, institutions, governance, efficiency according to the global benchmark, so that the world feels the ease of access and increases their trust (on us). To do this, the reforms needed in the law are being done by us. Secondly, we are focussed on investor's safety - they should receive their returns," PM Modi said.

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