75,000 crore worth of transactions in energy efficiency. In doing so, it will, by 2015, help save about about five percent of our annual energy consumption, and nearly 100 million tonnes of carbon dioxide every year.'

The mission is the second of the eight missions under India's National Action Plan on Climate Change to be approved by the council. The National Solar Mission was approved earlier this month.

Manmohan Singh pointed out: 'Our success in reducing the energy intensity of our growth will also reduce the carbon intensity of our growth. This will have a beneficial impact on our emissions trajectory. The implementation of this mission will also be a powerful signal to the international community that we are willing to contribute in a significant manner, to meeting the global challenge of climate change.'

The prime minister emphasized that the mission must have 'inbuilt provisions for monitoring and evaluation so as to ensure transparency, accountability and responsiveness'.

The council also approved the selection of BEE as the mission implementing agency, and of a new corporate entity, Energy Efficiency Services Ltd., to carry out market-related actions of the mission. BEE will be strengthened to support mission implementation.

It is estimated that the budgetary support for mission implementation, including seed capital for the two funds, would be Rs.295 crore in the current 2007-12 Eleventh Plan period.