The recent drive of austerity by our Union Government and the comment of a minister saying that executive pay must be reined in, has generated a lot of debate in our media. Some people say that since India is a poor country, its well-to-do must not indulge in ostentatious display of wealth. But others say that one’s hard-earned money can be used the way the earner pleases.
Factually speaking, austerity consists of three aspects.
Factually speaking, austerity consists of three aspects.
- Austerity of the body: This involves worship of divinity, the seekers of real knowledge, the teacher and any other person worthy of worship. It also involves practising cleanliness, simplicity, discipline, and non-violence.
- Austerity of speech: This involves speech that is truthful, pleasing, beneficial and not agitating to others.
- Austerity of the mind: This involves self-satisfaction, simplicity, appropriate silence, self-control and purification of thought.
Any other dimension of austerity is collateral to the above three.
Actually, when we people talk of practising austerity, we normally cut back on those aspects that are conspicuous. But real austerity must result in a real and drastic downsizing of the expenditure. The current austerity drive includes travelling in economy class and ‘not staying in five-star hotels’. The savings that our political leaders claim for their ‘austerity’ drives pale in the presence of their expenditures for the upkeep of their residences, the paraphernalia that accompanies them every time, and their election campaigns.
Not that I am saying that executive pay should not be reined in. Executive pay must reflect ‘market sentiment’. Numerous instances have been recorded where it has been shown that executive pay was rigged and even when the company was going bankrupt, the CEOs were getting an enviable remuneration.
What I want to say is, that instead of practising austerity for pastime or ‘showing solidarity with the masses’ we must practice real austerity. Some guidelines for austerity may be enumerated below.
Actually, when we people talk of practising austerity, we normally cut back on those aspects that are conspicuous. But real austerity must result in a real and drastic downsizing of the expenditure. The current austerity drive includes travelling in economy class and ‘not staying in five-star hotels’. The savings that our political leaders claim for their ‘austerity’ drives pale in the presence of their expenditures for the upkeep of their residences, the paraphernalia that accompanies them every time, and their election campaigns.
Not that I am saying that executive pay should not be reined in. Executive pay must reflect ‘market sentiment’. Numerous instances have been recorded where it has been shown that executive pay was rigged and even when the company was going bankrupt, the CEOs were getting an enviable remuneration.
What I want to say is, that instead of practising austerity for pastime or ‘showing solidarity with the masses’ we must practice real austerity. Some guidelines for austerity may be enumerated below.
- Austerity can come only from within and not by external regulation.
- Austerity is not poverty.
- Austerity is not against wealth, it is against the vulgar display of wealth.
- Each one of us can practise austerity, not just the well-off.
- Austerity is not practised on an empty stomach or an empty mind.
- Austerity is not practised by not doing something that we are anyway not supposed to do.
Thus, we must learn to be austere in the true sense. Let us not treat austerity as a passing fad.
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