New Delhi, Oct 5 Corporate Affairs Minister Salman Khursheed on Monday clarified his stand on companies paying exorbitant salaries to top company executives and managers, and said that the Government welcomes the top company brass to lead an austere life-style.

Talking to media Khursheed said that the display of wealth and opulence is unacceptable in the present scenario.

"We are in the age of austerity and I am conscious of the fact that a year ago it was the Prime Minister who indicated that we in this country where we are grappling with enormous issues of poverty and empowerment where we follow the footsteps of Mahatma Gandhi and try to live our life as much (in) simplicity as possible," Khursheed said.

Further he mentioned that the decision of executive salaries must be decided in a democratic matter.

"I believe the cap on salary must be rational, it must be clear it must be something that is well known, it must be subject to shareholders democratic decision making. It should not be in the hands of Government, as the government doesn't control. The Government merely regulates. The Government is the partner in the matter of growth of Indian economy and that is the attitude that we have taken," he added. (ANI)