Methanol-blended fuel could be the answer to the twin challenges of slashing India's oil import bill while simultaneously reducing the country's carbon-footprint, V.K. Saraswat, a member of the NITI Aayog that has succeeded the Planning Commission, has said. "We are working on how to structure the entire methanol economy in India. In the last six months, we have done a lot of work and come up with a paper on the same," Saraswat, a member of the National Institution for Transforming India (NITI) Aayog, told IANS in an interview. The former Defence Research and Development Organisation (DRDO) chief said there was a potential to blend up to 85 per cent domestically -produced methanol with petrol, thus substantially reducing the nation's oil import bill. In China and Israel, he said, 15 per cent methanol in petrol is a well-accepted norm.