NEW DELHI: Prime Minister Narendra Modi said on Wednesday that the Union Cabinet’s decision related to revised ethanol procurement price will help boost ethanol production and blending targets.
In a post on X, he said it will also help reduce crude imports and empower farmers and promote clean energy.
The Union Cabinet earlier in the day approved a three per cent increase in the procurement price for ethanol made from C-heavy molasses to Rs 57.97 per litre for the 2024-25 supply year, while keeping rates unchanged for other feedstocks.
The price increase, aimed at boosting ethanol production from sugar industry by-products, comes as India pushes to meet its accelerated target of 20 per cent ethanol blending in petrol by 2025-26.
Reacting to another Cabinet decision on National Critical Mineral Mission, Modi said it will encourage India’s high-tech, clean energy, defence and other key industries.
He said it is a major step towards self-reliance in critical minerals.
The government on Wednesday approved a Rs 16,300-crore National Critical Mineral Mission, envisaging a total outlay of Rs 34,300 crore spread over seven years, with an aim to achieve self-reliance and accelerate India’s journey towards green energy transition.
According a release by the mines ministry, public sector enterprises are expected to contribute Rs 18,000 crore to the mission which aims at promoting exploration of critical minerals within the country and at offshore locations. (PTI)