Govt planning to set up Biofuel Development Board

New Delhi, Apr 1 (UNI) The Government is planning to set-up National Biofuel Development Board.

Under the Allocation of business rules, the Ministry of New and Renewable Energy has been given the responsibility of setting up of a National Bio-fuel Development Board.

The proposal for setting up of the Board including its draft Terms of Reference and composition has been submitted for necessary approvals, an official statement today said.

The Ministry of Agriculture is providing subsidy through National Oilseeds and Vegetable Oils Development (NOVOD) Board to the farmers, Non-Governmental Organizations (NGOs), individuals etc. for production of Tree Borne Oilseeds (TBOs), including bio-fuel crops, under the Integrated Development of Tree Borne Oilseeds Scheme.

Under this scheme, 30 per cent credit linked subsidy is being provided, which is linked with 50 per cent term loan to be taken from bank, and 20 per cent beneficiary share in the form of land, labour etc.

Further, the Ministry of Rural Development has provided financial assistance to the tune of Rs 49.00 crore to 9 identified States in 2005-06 and Rs 49.50 crore to 15 States in 2006-07 for the purpose of raising jatropha/pongamia seedlings and plantation of the same under the ongoing States/Central Sector area development programmes.

UNI AK MP KP2010