IIM Calcutta looks to corporates to generate funds for new management institutes

 | April 04,2011 11:37 am IST

The Indian Institute of Management Calcutta (IIM-C) is against privatisation of IIMs but favours corporate contributions to generate funds for setting up new management institutes, a top official said.

 

"Under any circumstances, we are not in favour of privatisation of IIMs.

We favour corporate contribution for new IIMs as they may not be in a position to generate resources adequately at least in the initial years," IIM-C's chairman of the board of governors Ajit Balakrishnan said Saturday evening on the sidelines of the institute's 46th annual convocation.

 

"It is possible to create a corpus outside the government. But entrepreneurs must be allowed to get full tax benefit of the total contribution," he said.

 

"Currently, Indian tax system does not allow us to create a corpus," he added.

 

Balakrishnan said the government should also allow tax reduction for a couple of years at the market value from income if a corporate institution contributed to any educational institute, as was done in the US.

 

Earlier, speaking on the occasion, IIM-C director Shekhar Chaudhuri said the institute will soon launch an online general management certificate programme in collaboration with top financial schools.

 

"The IIM-C is providing full support to the new IIM Ranchi, which has been set up six months ago.

 

Most of the courses there are taught by our faculty," he added.

Concluded.

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