Oh, again stock market crashed? Reason! crude oil crossed $146 per barrel. India imports almost 70% of petrol use products. You can imagine how much burden on foreign currency. Over and above, subsidy given to consumers. Both will kill the economy growth.
Indian govt is now allowing 5% mix of ethanol(produced out of sugarcane) with petrol and diesel to make things competitive. It can increase the percentage. but we have one issue. Most of the formers are trying to convert sugarcane into ethanol for use in fuels as it will fetch more money than conventional products like Sugar.
So, who wil control this? Who are at loss?
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