Ever since he took charge as Prime Minister, in speech after speech, Manmohan Singh has been consistent in underlining the need for inclusive growth, for the poor and the marginalised to be part of the India Rising story. At the opening of the annual conference of the Confederation of Indian Industry here today, Singh, the architect of economic reforms, added a moral and political tone to this message: “India has made us. We must make Bharat...vulgar display (of wealth) insults the poverty of the less privileged.”

Warning of “social unrest” if incomes do not rise to bridge growing inequality, Singh came up with a 10-point charter for India Inc to ensure that the poor benefit from the economic boom. Its key elements echoed his earlier remarks — affirmative action, workers’ benefits, honesty, transparency in business and environment-friendly investments.

But the Prime Minister surprised many in the audience when he included in the “charter,” the need to avoid high salaries for executives, discourage conspicuous consumption, even keep profits “within the limits of decency” and shun the “wasteful lifestyles of the Western world.”

“In a country with extreme poverty, industry needs to be moderate in the emolument levels it adopts,” Singh said. “Rising income and wealth inequalities, if not matched by a corresponding rise of incomes across the nation, can lead to social unrest. The electronic media carries the lifestyles of the rich and famous into every village and slum. Media often highlights the vulgar display of their wealth. An area of great concern is the level of ostentatious expenditure on weddings and other family events. Such vulgarity insults the poverty of the less privileged, it is socially wasteful and it plants seeds of resentment in the minds of the have-nots.”

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