Prime Minister Narendra Modi highlighted the importance of ethanol blending in petrol during the inauguration of Phase I of the Noida International Airport in Jewar, Uttar Pradesh. He stated that this initiative has significantly lowered India’s reliance on crude oil imports. Expressing gratitude towards sugarcane farmers, the Prime Minister mentioned that the current blending rate of 20 percent in petrol has resulted in substantial savings for the country.

Farmers’ Contribution Acknowledged

During his address, PM Modi emphasized the contributions of farmers to the ethanol production process. He noted that without this blending, India would have needed to import 4.5 crore barrels of crude oil, translating to approximately 700 crore litres. He acknowledged that the economy has benefited from the farmers’ efforts and that they have also gained from this initiative. The Prime Minister remarked on the financial resources that would have been sent abroad, reinforcing the significance of local production.

Current Economic Landscape

The statement from PM Modi comes amidst rising crude oil prices attributed to ongoing conflicts in West Asia. He pointed out that India achieved its ethanol blending target of 20 percent in petrol five years ahead of schedule. The Prime Minister elaborated on the inflationary pressures resulting from conflicts involving major international players, notably those between the US, Israel, and Iran. He assured that the government is taking measures to mitigate the impact of such crises on the general public.

Impacts of West Asia Conflict

Prime Minister Modi remarked on the prolonged conflict in West Asia, which has affected multiple countries, leading to notable increases in the prices of essential commodities, including food, fuel, and fertilizers. He underscored that India, being a significant importer of crude oil from the region, is also feeling the repercussions of the situation. However, he reassured that the government is dedicated to implementing strategies that would shield the nation from external shocks impacting the economy.

Government Measures in Response to Inflation

In light of rising oil prices, the Indian government has reacted by reducing excise duty on petrol and diesel. PM Modi mentioned that despite the persisting challenges posed by global conflicts, India remains committed to sustaining its growth trajectory. The Prime Minister’s comments signify a dual focus on enhancing agricultural productivity while also addressing immediate economic concerns linked to international conflicts.

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