The government will soon bring out a National Biofuels Policy for a sector which is set to become an economy worth Rs 1 lakh crore, Petroleum Minister Dharmendra Pradhan has said.

"We will shortly have a new national policy on biofuels, the note for which is to be placed before the cabinet soon," he said while talking to media persons after addressing the first Eirst EU-India Conference on Advanced Biofuels here.

The policy would detail the architecture for India to make the move towards adopting second generation, or advanced, biofuels in the future, from the current first generation ones being used, which are essentially sugar-based, Pradhan said.

Pointing that biofuels in India are currently "only made from molasses", Petroleum Minister Dharmendra Pradhan has said that Budget 2018-19 presented last month had announced incentives for "waste-to-wealth" conversion projects, including the Gobar Dhan scheme focused on producing bio-CNG. (Watch Video)