The industry has been requested by foreign minister Pranab Mukherjee to cut salaries instead of cutting jobs to fight the bad times of financial meltdown across the globe, which has led to major cut in jobs in recent past.

According to Mr. Mukherjee, who also holds the charge of the finance ministry, there was a need to protect the labour force, even if it meant a slight reduction in emoluments.

While inaugurating the 42nd India Labour Conference, Mukherjee said, "The government has been conscious of the magnitude of this ongoing crisis and has been taking steps to mitigate its impact on Indian society. Jobs must be protected even if it means some reduction in compensation."

The comments by Mukherjee have come to light two days after labour minister Oscar Fernandes expressed in Parliament that there has been a great loss of jobs in sectors like automobile, mining, IT, textile, and gems and jewellery.

Mukherjee holds a viewpoint that there is an urgent requirement to invest more in infrastructure, provide adequate credit support to the poorer sections and develop improved facilities for upgrading skills and re-skilling of the workforce.