New Delhi: India aims to cut down its oil import bill by Rs 120 billion ($1.74 billion) through increased use of biofuels, prime minister Narendra Modi said on Friday.
The South Asian nation, which imports up to 80 per cent of its oil needs, plans to invest Rs 100 billion and would build 12 biofuel refineries, Modi said.
Indian Forex reserves recently reported a sharp fall. The fall was attributed to a slide in the foreign currency reserves, while all the other components were on an upward swing.
More details awaited
