Taxes

India’s Roads Minister supports tax incentives for clean fuel producers

Opposition Bharatiya Janata Party (BJP) President Nitin Gadkari waves to supporters during a rally held as part of a one-day nationwide 'jail bharo', or court arrest agitation protest, in Nagpur on June 22, 2012. The rally was held to protest the recent price rise of essential commodities and fuel. AFP PHOTO / STR

India’s Road Transport and Highways Minister Nitin Gadkari has pledged support for tax incentives for clean fuel engine manufacturers as well as producers of biofuels. At the First International Conference on Sustainable Fuels for IC Engines in Emerging Nations, Gadkari said that he is following Prime Minister Narendra Modi’s suggestion to prepare a policy to promote clean fuels, and a Cabinet note on the subject is expected within the month.

“Prime Minister has directed Finance Minister (Arun Jaitley) and me to prepare a policy to promote clean fuel. I have written to FM for tax exemption to manufacturers of clean fuel engines and suppliers of such fuel for five years which can be extended to another five years,” Gadkari said.

Besides reducing carbon dioxide emissions by as much as 95%, Gadkari said, more use of ethanol and biodiesel could help reduce India’s annual crude oil imports.

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