India expects to save up to Rs 12,000 crore in foreign exchange over the next four years through blending ethanol in petrol, Prime Minister Narendra Modi said on Friday.

Addressing an event to mark World Biofuel Day, Modi said the country saved Rs 4,000 crore worth of foreign exchange last year by ethanol blending, which touched a record 141 crore litres in the last fiscal. "India has saved forex worth Rs 4,000 crore in the last fiscal. The government aims to increase these savings to Rs 12,000 crore per annum," he said.