Bio-Fuels - Palm Oil (Crude Palm Oil)

India consumes 558 million liters of petroleum / day (Approx as of 2013) i.e. 204 billion liters / year. [1]

Oil Palm Yield - 2400 liters / acre [2]

Required crop land - 85 million acres
Total Agricultural land - 444 million acres. [3]
Utilized Agricultural Land - 391 million acres. [3]

Un-utilized agricultural land of 53 million acres itself can reduce oil imports by 60% and bio-fuels are carbon neutral :-)

References:
1. http://goo.gl/sXvZNX
2. http://en.wikipedia.org/wiki/Table_of_biofuel_crop_yields
3. http://www.tradingeconomics.com/india/agricultural-land-percent-of-land-area-wb-data.html