IIM's Looking For Funds From Alumni & Stakeholders

The Indian Institute of Managements (IIM's) is planning to look for funds from its alumni and other stakeholders to expand and create world-class infrastructure. The top management of the IIM's has decided to discuss it on Friday, a blueprint on ways to get funds from corporate world and alumni in the next few years.

On cause of raising funds for the IIM's Mr. Hari S. Bhartia, the Chairperson of IIM, Raipur and head of a HRD Ministry committee said “the directors of IIM will be discussing on how to raise funds for the new and old IIM's and engage the alumni”. The HRD Minister has also constituted the committee to help IIM's in building a corpus, so that they can be financially independent and fund proposal for foreign campuses. Setting up of a development office and campaign committees in each IIM for raising funds has already been recommended by Bhartia.

The Indian Institutes of Technology (IIT's) have also undertaken the similar way in order to generate money. Fund raising campaign by some Foreign Universities like Yale and Harvard have resulted in generation of over US $ 3 Billion. Harvard had received US $50 million donation from the Tata Group in 2010 and earlier Anand Mahindra had donated US $ 10 million. Bhartia also said that the IIT's have raised good money and IIM's espicially the older ones, would like to revisit strategy and engage alumni to raise funds.

In order to help the IIM's and IIT's in their mission, the HRD ministry has already sought Income Tax Exemption on donation of funds or option of non-cash endowments. The ministry has also given full authority to individual IIM's to raise money to pay for its expansion plans. According to IIM officials, the reasons for poor response would also be discussed.