IIMs to reduce dependency on Govt; propose fund raising plan to MoHRD

FOR IMMEDIATE RELEASE
NOIDA, U.P, India, Republic of (Free-Press-Release.com) January 30, 2012 -- While administrative autonomy forms the core of the Indian Institute of Management (IIMs), the premier league of B-Schools in India is planning to develop a model of fundraising to reduce their dependency on the government for their new initiatives and existing operational cost.

A delegation of IIM representatives including Directors of different IIMs, recently met with Sri Kapil Sibal, Union Minister of HRD to discuss different ways and related aspects of fundraising for their institutes. Experts from London School of Economics and Oxford University were also part of the delegation to discuss the various aspects of fund raising and see how it can be adopted in the present framework. Directors of some of the IITs and NITs also participated in the meet to put forth their view on such initiative and be part of that.

Shri H S Bhartia, Chairman, Board of Governors, IIM Raipur, who is also heading a committee of IIMs formed on this issue, presented a set of recommendation to the HRD Ministry. The delegation put forth the plan before the ministry and proposed a pan-IIM network where the directors of all 13 IIMs shall meet once in every 6 months to take the issue of funding further.

Dr B S Sahay, Director IIM Raipur, who coordinated the meet, said the meeting was first step towards fund raising activity as a source of funds for IIMs. “The Ministry acknowledged our efforts in this regard and discussed the matter at length with our delegation,” he said.

“In the west where several of the top institutes are privately run and managed; fund raising is an integral part of an institute’s operations with a dedicated team to look into this regard. As IIMs begin the expansion of their campus to open campuses outside the country the need for such activities is expected to become pressing,” Dr Sahay added.

Presently IIMs depend on the Government of India for much of their funds. In the past few years however the Management Development Program has become an important source of funds for IIMs.

Dr Sahay said that for funding process to become a sustainable source of funds that are needed for operations, it is important that activities like Entrepreneurship are given significant importance by all IIMs and particularly the new IIMs who would require an Alumni Base to support such activities in the next few years.

He said that in order to make the fund raising activity more attractive, IIMs would be required to work closely with Corporates to incorporate changes in curriculum that suit the requirements of the Industry more frequently. “Focus would also be placed on producing quality research through maintaining a quality Fellow Program in Management. This activity would also help attract the best faculty from the globe and give rise to truly global institutions,” he said.

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