Indian Economy News

Growth of Ethanol sector is an example for the world: Mr. Piyush Goyal

Union Minister for Consumer Affairs, Food and Public Distribution, Textiles and Commerce and Industry, Mr. Piyush Goyal while addressing a one-day seminar on ‘National Seminar on Maize to Ethanol’ organized by the Department of Food and Public Distribution said that the ethanol industry has experienced phenomenal growth and has served as a sort of example for the rest of the world.

According to Mr. Goyal, over the previous nine years, the sugar industry had been self-sufficient, with more than 99.9% payment to farmers for the previous season. Ethanol will now help maize farmers increase their income and bring growth and stability to sugarcane farmers.

He further said that “Investments of thousands of crores have come creating thousands of jobs in the rural sector which has generated a multiplier effect on the Indian economy".

He emphasised that Prime Minister, Mr. Narendra Modi has prioritised environmentally friendly fuels such as ethanol, which has resulted in more than doubling ethanol blending in only two years, and the aim of 20% ethanol blending has been preponed from 2030 to 2025.

He stressed the importance of coordinated efforts by the federal government, states, research institutes, Oil Marketing Companies (OMCs), and distilleries to meet the 20% ethanol blending objective while keeping farmers' interests at the forefront.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.