New Delhi, Oct 15 (IANS): The central government Monday asked the corporate sector to comply with international standards for their products and services and also increase their efficiency by cutting down on wastage of resources.

"It will help them (the corporates) utilise their resources so spared to cater to other priorities to be more efficient," said Minister of State for Consumer Affairs, Food and Public Distribution K.V. Thomas while delivering a lecture on the occasion of 'World Standards Day' here.

"Wastage is a sign of inefficiency which leads to increase in production costs, making products unsustainable in a highly competitive and complex world. Where wastage is less through efficient handling, it leads to better results, meaning quality products at affordable costs," he said.

Observing that the country must make the most use of its human and material resources to improve economic activities, the minister said the business establishments must come forward, without fear or hesitation, in complying with international standards for their products and services.

He said this can be done by availing themselves of all the opportunities made available by the World Standards Cooperation like internally harmonised best practices developed by experts from around the world, innovations already in place, know-how on efficient industrial and business processes.

Thomas also noted that the Bureau of Indian Standards (BIS) has formulated over 18,800 Indian standards on diverse subjects ranging from food, chemicals, engineering and textiles to high technological areas of electronics.