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FM urges corporates to conserve energy

The finance minister urges Indian corporates to think of innovative ways to conserve energy without compromising on development, reports Gaurav Choudhury.

business Updated: May 23, 2007 20:01 IST
Gaurav Choudhury

Finance Minister P Chidambaram urged Indian corporates on Wednesday to think of innovative ways to conserve energy without compromising on development. But he also indirectly acknowledged that certain government policies and administrative rules could be deterring industrial innovation and prudent use of existing resources.

"We are in a denial mode on many issues," he said addressing an award function at the Tata Energy Research Institute (TERI). "It takes 2,500 litres of water to produce a kilo of paddy. We must change the way we grow paddy. Sugar mills, chemical factories and steel plants can be made self-sufficient in power."

Giving away awards for corporate social responsibility, environmental friendly technologies and corporate awareness programmes on HIV/AIDS to Reliance Industries, Satyam Computer Services, Hindustan Zinc Ltd and Exide Industries Ltd among others, Chidambaram reiterated that corporates have an added responsibility for judicious consumption of resources as they were the early beneficiaries of the economic reform process. "Corporates must engage their employees to be innovative and think out of the box," he stated.

TERI will submit an energy conservation roadmap to the government in the next few days. Chidambaram said that the government would make efforts to achieve the targets set in it. "TERI is working with the government. It will fix time lines and quantitative targets. In our own self interests we must make efforts to achieve these targets," he said.