New Delhi, Jan. 31 -- Chief Economic Adviser Anantha Nageswaran painted a stark picture of how Indian corporates are compensating their workers and employees, and called for a more equitable distribution of incomes.

"If you look at the growth in profitability and the growth in employment expense - a combination of hiring and compensation - there is a huge disparity between the two, which has been highlighted by several private players themselves in the last few months," said Nageswaran at a press conference.

Achieving the status of a developed economy by 2047 will require a socially responsible private sector, he said.

Sharing an anecdote going back to 1960s while quoting founder of Ford Motor Company Henry Ford, the

CEA said the auto...