Salary hike in RBI and Infosys: Needless debate

Letters: Needless debate: Eminent tycoons such as N R Narayana Murthy and Ratan Tata should focus on broader issues...



Needless debate


Alongside Ayan Pramanik’s report, “Infosys defends pay hike for COO Pravin Rao” (April 4), I read an unrelated report on the pay rise granted to the Reserve Bank of India governor and his deputies effective January 1, 2016. Transparency in norms and openness in implementation of decisions taken in good faith need to become part of governance in government, public sector and companies. 

According to the official veRs ion, the fiRs t one was a decision taken by the Infosys Board to revise the compensation package of Rao (pictured) consistent with the company’s “philosophy of aligning the interests of its leadeRs hip team to long-term shareholder interests”. 

The government’s decision to revise the basic salaries of RBI governor and his deputies from Rs 90,000 and Rs 80,000 respectively, fixed more than a decade back, to Rs 2.5 lakh and Rs 2.25 lakh, merging a major portion of dearness allowance, followed the pattern recommended by the Seventh Pay Commission for comparable positions in government. Neither should have attracted adveRs e debates.

Eminent tycoons such as N R Narayana Murthy and should focus on broader issues of national interest rather let the institutions they built hang on to their apron strings for support; they should also not peer into what’s happening in boardrooms. They should be talking about policies affecting production and marketing, economic growth and macro-level changes necessary in approach to prices, wages and income to improve gross domestic product growth and ensure distributive justice.

They need to guide government in improving social security systems and ensuring faster eradication of poverty.

  Mumbai

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