New Delhi, Oct 5: India Inc which has been asked to refrain from paying 'vulgar' salaries to its CEOs has brushed aside the government's call for austerity during the trying times, saying that the best talent can only be attracted through hefty salaries.
According to a survey done by the Associated Chambers of Commerce and Industry of India (Assocham), out of the 100 top corporate chief executives interviewed, 60 per cent of the respondents believed that the salaries which were dependant on market forces were also the only effective way to attractive talent.
"Assocham favours the adoption of austerity measures by corporate sector at the current time of crisis. But India Inc cannot ignore market forces to determine the salaries of corporate honchos to enable them attract the best of talent," survey said.
This comes in response to the Corporate Affairs Minister, Salman Khurshid's statement over the weekend. Khurshid had said that the heads of Indian firms needed to practise austerity by sacrificing huge salary packages.