India's richest man wins govt praise for pay cut

India's government has praised a decision by India's richest
businessman Mukesh Ambani to take a 66 percent pay cut after it
called for firms to avoid "vulgar" executive salaries, a report said
Saturday. The government said the decision by the Reliance Industries
Ltd (RIL) chief and the world' s seventh richest man to accept a lower
remuneration package displayed "remarkable sensibility to the
prevailing thought process" in India. "What Mukesh Ambani has done is
laudable," Corporate Affairs Minister Salman Khurshid told reporters
Friday, according to the Press Trust of India. The two-thirds pay cut
means Ambani will now receive 150 million rupees a year (3.2
million dollars) in wages along with a share of the profits of
Reliance Industries Ltd, or RIL, the country's biggest private sector
company. Before the announcement, Ambani would have taken home 440
million rupees. RIL, which has interests from petrochemicals to
retail, said the pay cut reflected Ambani's " desire to set a personal
example of moderation in executive compensation."