Don't show off, payback to society: PM

NEW DELHI: The Indian industry's success in wealth creation is worth celebrating, but showing off the riches through ostentatious parties is as good as insulting the less privileged and stoking social unrest, Prime Minister Manmohan Singh said today.

Apparently turned off by extravagant weddings and other parties thrown by the "rich and the famous," he cautioned that "rising income and wealth inequalities, if not matched by a corresponding rise of incomes across the nation, can lead to social unrest."

Inviting the industry to be the government's partner in creating a humane and just society at CII's annual general meeting here, the Prime Minister wanted corporate India to first resist excessive remuneration to promoters and senior executives and reduce conspicuous consumption -- as it was "socially undesirable" and "environmentally unsustainable."

"We cannot afford the wasteful lifestyles of the Western world," he said, reminding the industry that India, with over one billion people, still faces the problem of scarce natural resources on per capita basis.

Stopping short of mentioning anyone in particular, the Prime Minister said the media often highlights the vulgar display of wealth by the rich, which plants the seed of resentment in the minds of the have-nots.

He also said that corporate social responsibility must not defined by tax planning strategies alone, but must be based on the idea that the wealthy have an obligation to society and to nature.

But giving credit to the industry where it deserves, Singh said he was happy with CII's report on affirmative action and believes it would be widely emulated.

"I am aware that some of our companies are doing creditable work. I compliment them. But we need more such inspiring examples... The representation companies give to SCs, STs, OBCs, minorities and women in their workforce and staff must increase," Singh said.

On the industry's performance, he said: "When I read about the growing number of Indian millionaires and billionaires, about the companies buying up multinationals, about our clogged airports, about the real estate boom, about new holiday destinations, about soaring CEO compensations, I know that you have benefited from the growth process."

But this growth calls for the business community to realise its wider social responsibility. "The time has come for the better off sections of our society to understand the need to make our growth process more inclusive."