Mukesh Ambani has accepted a two-thirds cut in his salary in 2008/09 as chairman and managing director of Reliance Industries. His total compensation fell 66 percent to 150 million rupees.

The move comes just days after Corporate Affairs Minister Salman Khursheed warned firms against paying huge salaries to top company brass.

Ambani’s “desire to set a personal example of moderation in executive compensation” may be in line with the Congress government’s efforts to shore up public finances with an austerity drive of its own.

Excessive compensation has sparked outrage across the developed world after years of multi-million dollar bonuses paid out to executives, even at money-losing firms.

Politicians and policy makers have advocated curbs on these salaries, a theme echoed at the G20 meeting in September.