The government plans to bring a new policy to promote use of biofuels in transport fuel that will catalyse Rs 1 lakh crore of investment, said Oil Minister Dharmendra Pradhan. India imports 80% of its crude oil needs and use of biofuel extracted from non-edible oils will help meet the target of reducing imports by 10% by 2022. State-owned oil marketing companies “Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL)” have committed USD 2 billion investment in research and development on biofuels. The Government has already asked state oil companies to set up ethanol plants at 12 locations over the coming year. "Promoting biofuels creates jobs, fosters economic growth, supports farmers and helps improve energy security for the country," said Dharmendra Pradhan.