Managerhr has highlighted things quite nicely.
The results that HR brings are not really quantifiable - or so most people feel. hence its hard to say that a certain result happened because of HR. Hence the lower pay.
Ofcourse, things are changing and with more organisations becoming people centric (read service sector, BPO's IT firms) HR functions will become more important and naturally pay will also increase.
Till now manufacturing was always higher in the industries list but with service sector catching up, there will be more oppurtunities for HR to perform.

From India, Mumbai
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