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Finance Minister Nirmala Sitharaman on Thursday urged the industry to set standards when it comes to renewable energy and rare earths.

Addressing the national executive committee meeting of industry body FICCI, she said that "the industry is at front for any policy-making. It is only through exchanges such as this that make the policies responsive. Industry has to come up with the prevailing dynamic picture. Industry will determine how India moves forward on green hydrogen mission. It need not be that the government should be the prime mover. Government has set a benchmark for how we are growing".

Industry, she said, should highlight its potential and share it with the government on a regular basis which will facilitate policy intervention by the government.

"I would want the industry to be the prime mover as regards the latest frontiers in renewable energy, rare earth materials, conversion of all these towards usable technologies," the Finance Minister added.

Speaking on the payments to micro-small and medium enterprises or MSMEs, Sitharaman urged the industry to facilitate payments to the sector within the contract period.