Published on May 8, 2018

The government is contemplating a 'Methanol Economy Fund' to promote indigenously-produced methanol shihc could substitute 10 percent of India's crude oil imports by 2030, thereby reducing its fuel bill by around 30 percent, Road Transport and Highways Minister Nitin Gadkari.

Making sa statement on methanol in Lok Sabha, Gadkari said the final roadmap for 'Methanol Economy' being worked out by NITI Aayog was targeting an annual reduction of $100 billion by 2030 in crude imports.

"To promote this renewable, alternate fuel, a 'Methanol Economy Fund' is also being contemplated. A cabinet note on methanol in inland waterways and marine sector and overall adaptation of Methanol Economy will be moved shortly," a statement quoted Gadkari said.

"Methanol and dimethyl ether are substantially cheaper than petrol and diesel and India can look to reduce its fuel bill by 30 percent by 2030."