ROFL! PM Manmohan Singh's homily to the "corporate world"

[fineleg]

Prime Minister Manmohan Singh has expatiated on the virtues of self-sacrifice by corporates as a measure to cut costs and holds price line. Speaking at the annual meeting of Confederation of Indian Industry(CII), the Prime Minister called for a self-imposed ceiling on salaries and expenditure as a means to drive down demand and ease pressure on supplies. This is what corporates and highly paid executives owed to the government in its endeavor to contain prices and to keep the overall growth momentum on track, he said. The Prime Minister reminded that the corporates and industries that control market have a societal obligation to assist the government in controlling inflation. The question is how far the corporates will go in heeding to the PM's appeal. A similar suggestion made by the Prime Minister last year did not evoke much positive response from the corporates. They have little choice in a scenario where the pay and perks are determined by market forces. A recent survey has shown that wage structure is one major reason why companies in Asia face high rate of attrition. A point to ponder is: Is not the PM's appeal applicable to the babus and the netas as well? Will the Central government keep the PM's suggestion in mind while deliberating on the Sixth Pay Commission recommendations? While the Pay Commission has recommended big hike in the wages of upper echelons of bureaucracy, there is demand for further hike. The government is tempted to concede the demand in view of impending elections. Many politicians, in and out of power, are leading an opulent lifestyle. The declaration made by candidates in Karnataka Assembly elections itself would reveal that many candidates are multi-millionaires. The extravagant lifestyle followed by many netas and their kin would rival those of maharajas of yesteryears. Will the PM address his homily to them also?

What kind of an "advice" is this? As though there are going to be "voluntary reductions" in Corporate India? If there are legal grounds for ceilings on Exec Salary then do it as a law by bringing forth a ceiling. If not, just make sure the netas corruption can first be controlled.

[THX_1138]

There is absolutely no way to regulate the salaries of the executives as they control their salaries themselves. Just as politicians are able to vote and give themselves a raise in income every now and then in the united states. However, there is nothing wrong in attempting to approach the sensibilities of those who are otherwise untouchables (not untouchables because of their superior moral code as was the case in the movie by the same title, but untouchable for their superlative economic and social status making them impervious to government regulations, and everyday law). And at times, such appeals work. look at Warren Buffet, Bill Gates, and the other legions of ultra rich who have contributed their considerable wealth for the progress of this species. Whereas for every Gates and Buffet we have a an Ambani... i wont be too surprised if some day we discover that the ambanis indulge in a midnight snack on the hearts of new born babies... its the only social injustice they have restrained for thus far.