With the Centre focusing more on developing alternative fuel economy, India will soon stop importing petroleum products, Union Minister Nitin Gadkari said today.

"We are going to develop this country where our import of petroleum will be zero. We are promoting alternative fuel like ethanol, methanol, bio-CNG...this will boost the rural and agriculture centre and create huge employment," Road Transport and Highways Minister said.

Despite low prices globally, India at present is incurring a massive Rs 4.5 lakh crore on crude imports which was earlier Rs 7.5 lakh crore, Gadkari said addressing a conference on methanol economy organised by Niti Aayog today.

India is one of the fastest growing economy in the world. At present, it is "golden opportunity" to cash on its agriculture, bamboo, surplus coal and power.