No move to cap CEOs salaries, says Montek

New Delhi, May 25 | Updated: May 26 2007, 05:30am hrs
In line with Prime Minister Manmohan Singh, Planning Commission deputy chairman Montek Singh Ahluwalia expressed concerns about the hefty packages drawn by corporates, but he also added that there was no move to impose any cap on their salaries.

Whatever the Prime Minister has said is being said by many western countries, Ahluwalia said and pointed out that if government officials had started to perceive that the corporate sector offered rewarding opportunities, then it would not help anyone.

Prime Minister Singh had, on Thursday while addressing the CII annual session, cautioned that rising income and wealth inequalities, if not matched by a corresponding rise of incomes across the nation, could lead to social unrest.

Singh suggested that corporate India should resist excessive remuneration to promoters and senior executives and reduce conspicuous consumptionas it was socially undesirable and environmentally unsustainable.

He also said that corporate social responsibility must not be defined by tax planning strategies alone, but instead be based on the idea that the wealthy have an obligation to society and to nature. He had asked India Inc to reach out to the common man by offering jobs and scholarships. to the less privileged.