PM says won't interfere in CEO pay, interest rates | business | Hindustan Times
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PM says won't interfere in CEO pay, interest rates

business Updated: Jun 09, 2007 22:51 IST
Narayanan Madhavan
Narayanan Madhavan
Hindustan Times
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Prime Minister Manmohan Singh said on Saturday that he was not in favour of regulating the salaries of chief executives of the corporate sector, which expressed concern after his recent speech questioning high CEO salaries.

Speaking to reporters on board his flight on the way back from Germany, where he attended the G-8 summit as an outreach partner, Singh also said he would not interfere with the Reserve Bank of India (RBI) to bring down interest rates.

On the controversial issue of corporate salaries, he said he was reluctant to visit the Confederation of Indian Industry's annual session but was asked to share his views, which did not amount to interfering in corporate affairs.

"I was not talking about government regulated salaries," Singh said."It was not an attempt to glorify the government sector."

He said he had always stressed that wealth must be created to reduce poverty and had praised the corporate sector for this.

Asked if there was a prospect of interest rate cuts after inflation coming below 5 per cent, he said he would not interfere in the affairs of the central bank.

"I think it will be subject to the review of the RBI. I would not want to interfere in the autonomy of the RBI," he said.

He said he found an encouraging response from global leaders to India's emergence as a high-growth economy which he said needs to sustain 9 to 10 per cent growth. India was also backing multilateral trade negotiations to further its case, he said.