Long-term tax incentives planned to promote clean fuel
"Prime Minister has directed Finance Minister (Arun Jaitley) and me to prepare a policy to promote clean fuel. I have written to FM for tax exemption to manufacturers of clean fuel engines and suppliers of such fuel for five years which can be extended to another five years," said Nitin Gadkari, Road Transport and Highways Minister.
Stressing the need for a ‘Pollution free India,’ the Minister said that taking forward Prime Minister Narendra Modi's suggestion to prepare a policy to promote clean fuel, a Cabinet note on the issue is likely within a month. He was speaking to reporters on the side-lines of an event on Sustainable Fuels, organised by TERI.
Promoting clean fuel like ethanol and bio-diesel has been high on his agenda as it will help in cutting India's huge Rs 9 lakh crore annual import bills on petrol, gas and crude, the Minister said. Huge import bills were also behind declining value of the rupee, he added.
"Waste can be converted into wealth. Use of clean fuel like ethanol and bio-diesel can reduce carbon-di-oxide emission by 95 per cent. We have taken a decision to encourage bio-fuel and alternative fuel," Gadkari said earlier addressing the "First International Conference on Sustainable Fuels for IC Engines in Emerging Nations."
He said bio diesel can be manufactured from non-edible oil seeds cultivated on waste land and "more research is needed in this direction." Even releasing carbon-di-oxide in water bodies can promote algae cultivation through which bio-diesel can be obtained, he said adding that huge fruit and vegetable waste and municipal waste could easily be utilised to convert them into bio CNG. Promoting clean fuel will not only boost economic growth but can have positive impact on GDP growth, he said.
This article was published on February 2, 2015.
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to success.