After all the talk about cost cutting in the government sector the austerity drive is back in news but this time it’s the corporate industry which is being targeted. Salman Khursheed. Corporate Affairs Minister Salman Khurshid advised India Inc to refrain from doling out “vulgar” salaries to CEOs. “I think when we are working on this (austerity), we can hardly say that we will shut our eyes on what salary the CEOs are going to take,” was his response when asked how the Government intends to control salaries of CEOs which at times appear vulgar.
Economic recession is bogging the whole world and we see every other day companies coming out asking for the governments to bail them out. Many have succeeded too. The latest one to demand for a bailout is Kingfisher and Jet airways who held a press conference today and announced that they will be discontinuing their services on August 18th in an attempt to get Government’s attention.
Yes you saw it right. When I too came to know of the news I too was as shocked and surprised as you are right now reading this. Microsoft had called for an urgent press conference at the company headquarters in Redmond, Washington and the press was stupefied to see Steve Ballmer, the CEO of Microsoft and Eric Schmidt, the CEO of internets largest search Engine Company Google sitting next to each other on the dais. This was only the first of the many shocks and there were many more to come.