Biofuel cultivation: A new business opportunity for Farmers

Biofuel cultivation: A new business opportunity for Farmers

Oil Marketing Company, Indian Oil Corporation (IOC), is planning to cultivate non-edible oil seeds such as Jatropha and Karanjia, in Uttar Pradesh. Such oilseeds are used in production of Biodiesel (Biodiesel has better lubricating properties and much higher cetane ratings than today’s lower sulfur diesel fuels.).
According to the officials of IOC, the talks with U.P. State Government are in process to get wasteland in the area of Lalitpur district of U.P. This cultivation will be done by IOC and partly on contract farming basis, which definitely will open new doors of employment and business.
Apart from this, as said above, wasteland is planned to be used for this plantation, which definitely will promote a greener environment.
The Union Cabinet recently approved a national policy on biofuels according to which implementation of 20 per cent blending of biodiesel with diesel and ethanol with petrol (the current rule is 5 per cent) by 2017. The new policy may consider financial incentives such as subsidies and grants for biofuel production. The policy also envisages setting up of a National Biofuel Fund and a National Biofuel Coordination Committee headed by the prime minister.