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initiated by bhukku on May 24, 2007
TIMES NEWS NETWORK
New Delhi: In a prescription to industry that would spark a debate in India Inc., PM Manmohan Singh on Thursday asked corporates to “resist” paying large salaries to their top executives as rising wealth “inequities” between haves and have-nots could lead to social unrest.
In his speech to the CII, the PM proposed an unusual model of auster more
TIMES NEWS NETWORK
New Delhi: In a prescription to industry that would spark a debate in India Inc., PM Manmohan Singh on Thursday asked corporates to “resist” paying large salaries to their top executives as rising wealth “inequities” between haves and have-nots could lead to social unrest.
In his speech to the CII, the PM proposed an unusual model of austerity to his corporate audience, suggesting that “industry needs to be moderate in emoluments levels” as higher salaries, unless matched by rising incomes “across the nation”, would stoke disaffection amongst those outside of the growth parabola.
Singh said electronic media beams rich lifestyles into villages and slums and highlights vulgar display of wealth. Pointing to ostentatious weddings, he said such spending “insults the poverty of the less privileged” and that this “plants the seeds of resentment in minds of have-nots”. There was a need to pare down excessive remuneration to promoters and executives. He also asked industry to invest in skill building as high rates of growth “mean nothing” for those who do not find employment.
He did more or less endorse CII charter for pro-active measures to hire SCs, STs, minorities and OBCs.
He also called for corporates to avoid cartelisation which was resorted to for keeping prices high while also arguing that they take steps to introduce environmentfriendly technologies. He called for the promotion of enterprise and innovation.
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