New Delhi [India] May 21 (ANI): India's rapidly growing biofuels industry is very important to the country's energy transformation, balancing economic growth with sustainability, according to a report by S&P Global.According to the report, the transport sector is a major source of emissions heavily reliant on imported fuels, is a key focus for biofuel integration.As per S&P global, India is prioritising a 'multi-fuel mix' strategy rather solely focusing on battery electric vehicles and hybrids and 'original equipment manufacturers in India are actively exploring and developing biofuel technologies.' This strategy enhances energy security, lowers greenhouse gas emissions, and boosts the agricultural economy. Bioethanol production is expanding, with India nearing its 20 per cent blending target. However, scaling up bio-CNG production and distribution requires a more concerted effort to overcome existing hurdles. India's transport sector is characterized by rising energy demand and environmental concerns, driven by rapid economic expansion. The country aims for a cleaner, self-reliant transport future by promoting alternative energy sources.'Bioethanol and bio-compressed natural gas (bio-CNG) have emerged as critical components of the strategy, which acknowledges the need to wean the country away from its reliance on fossil fuels, with oil imports accounting for about 88 per cent of import demand and gas imports for close to 50 per cent,' S&P Global said. However, the company believes that by reducing our reliability on crude oil and liquefied natural gas (LNG) imports, biofuel can help in conserving 'valuable foreign exchange and help in enhancing economic resilience and self-reliance.'Indian automotive manufacturers (OEMs) are investing in a range of technologies, including battery electric vehicles (BEVs), hybrids, and flex-fuel vehicles, to cater to evolving energy demands. The emphasis on flex-fuel vehicles aligns with India's bioethanol blending program, offering consumers more choices and supporting the growth of the biofuels market.'CNG, with the support of the government and over 50 city gas distribution (CGD) companies, has established a strong presence, achieving a penetration rate of about 18 per cent in the passenger car segment. The ongoing expansion of CNG refuelling infrastructure provides consumers with a cost effective alternative,' the report said. (ANI)