The new CII President Sunil Bharti Mittal on Friday virtually cold shouldered government suggestion that industry should play its role in controlling price rise saying the arithmetic of pricing would finally be decided by market forces of free economy. 
  “The industry does have a responsibility (in keeping the prices low). Ultimately the market forces of free economy will decide the pricing,” he told newspersons in his maiden press conference as the CII chief.
Both Prime Minister Manmohan Singh and Finance Minister P Chidambaram while addressing the Annual General Meeting of the CII had loudly hinted that the industry must play its role in ongoing exercise of reining in price rise. Mr Mittal said that the government had been taking steps to ease the hardening of prices and added industry was supportive of the steps.
Apparently hinting that price rise does not necessarily boost profits, he said, “Industry does need profits to make investment.”

Ceiling on salaries
Speaking about PM’s prescription to corporate sector to check excessive remuneration to top executives, Mr Mittal said there could not be any ceiling on salaries of CEOs and other highly specialised and skilled executives.
Mr Mittal added that there should be a co-relation between the size of a company and the salaries to top executives. While asserting that “These things cannot be legislated,” he said: “Prime Minister’s views are not misplaced. There is a merit in his suggestion. But cases of high salaries are few.”

PM’s concern
Mr Mittal said in his own Bharti Group, five of the top 12 executives are expatriates and hiring them was cheaper as against their Indian counterparts. “The Prime Minister’s message is to be taken in the right spirit. His concern was in view of the wealth inequality in the country. He means ostentatious display of wealth should be avoided,” Mr Mittal added.
Talking about controversies on SEZs, he said: “All stake holders should be taken into confidence. The people who have to part with land should get a fair deal.”