The challenge of climate change is a godsent opportunity for Indian businesses to develop technology, environment minister Jairam Ramesh said at a conference on Tuesday. Speaking at the 5th Sustainability Summit organised by CII, Ramesh said that businesses in India can strategically base themselves on climate change. “Solutions can be found by Indian companies, also for the world markets,” he added.

Ramesh said that India should strive to become a technology supplier to the rest of the world. Talking about a green economy, the minister said that India is working towards defining GDP as ‘green domestic product’ by 2015. “We are working towards 2015 where we will not only consider GDP as conventionally measured today but will also be reporting the GDP defining estimate cost of environment, its preservation and natural resources,” he said. 

The quantification of natural resources is the first element in defining sustainability, he said. Ramesh said that the ministry was working towards a national study to quantify the forests, rivers and mineral wealth of the country. The minister said that India should not follow the western model of growth and should strive to uniquely redefine the growth path. 

Talking on incentives for sustainable growth, the minister said that the incentive structure was skewed in favour of fiscal returns as of now. “But we need to incentivise companies that promote sustainability, water conservation, energy conservation, etc,” he added. 

On the issue of subsidised diesel for SUVs, Ramesh said that the users should pay the full market price of diesel as the subsidy on diesel was meant for farmers.