Union Finance Minister P Chidambaram told captains of Indian industry on Monday that they should be prepared to pay more instead of asking for concessions.

He was addressing a Confederation of the Indian Industry meeting in New Delhi on Monday evening.

"Some of you have been asking for concessions for various sectors or particular industries. When I come calling asking for more tax after reassessment of your earlier taxes be prepared to pay more," he said with a smile that disarmed most of the business tycoons who had been advancing various arguments to obtain sops.

He cited the example of the tyre industry, in particular, which has complained that there was a discrimination against the sector. "I asked them if I had raised the prices of the tyres. When they said 'no,' I asked why are you complaining," he said.

He asked the private sector to come forward and help the government in reaching out to the poor.

"There have been protests against 2 per cent cess on the tax to collect money for the mid-day meal for children. I urge the industry to be both thoughtful and compassionate. This money is going only to the human resource development ministry," he added.

"Give me young executives from your organisations to implement some of the government schemes so that the benefits of the budget reach the farmers and the poor. Let them work for one or two years with us and we will give them whatever we can," he said.

When asked what would be the terms and conditions, Chidambaram said that his ministry was in the process of formulating the guidelines and they would be ready by the end of this month.