IIM Ahmedabad launches endowment scheme, Aims to raise 1 Thousand crore in 5 years
Indian Institute of Management, Ahmedabad is the 1st business school in the country that has taken the initiative to launch the endowment scheme. The fund and its interest will be used on infrastructure, scholarships, research and development. The funds given in this fund will also provide tax relief.
Director of IIM Ahmedabad, Errol D’Souza, said that through this fund, work will be done on furthering the institute.
The scheme has been supported by Executive vice chairman Sanjeev Bikchandani of Infosage founder, Deep Kalra founder of Make My Trip other alumni.
IIM Ahmedabad was established in 1961. So far, more than 33 thousand students have studied business from the institute. It offers services in corporate, service, policy, education, industry and other areas.
What is an endowment plan?
In this scheme, alumni deposit their money in the endowment scheme. The institute opens a separate account for this money. Building construction, Scholarship, research and other schemes are spent on interest earned from deposits in the bank. For doing this, the institute does not have to take permission from the government. Alumni help to advance their institution in a way.
By depositing money in it, they get tax exemption. In this, the students paying a fixed amount are included in the committee. By doing this they can also give their opinion in various schemes of the institute.