New Delhi: The Indian Institutes of Managements (IIMs) is planning to seek funds from its alumni and other stakeholders to expand and create world-class infrastructure. The top management of the IIMs has decided to discuss it on Friday, a blueprint on ways to get funds from corporate world and alumni in the next few years.

Hari S Bhartia, chairperson of IIM, Raipur and head of a HRD ministry committee on raising funds for the IIMs, said that the IIM directors will be discussing on how to raise funds for the new and old IIMs and engage the alumni.

The HRD ministry has also constituted the committee to help IIMs 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 fund has already been recommended by Bhartia.

The Indian Institutes of Technology (IITs) have also generated money in similar ways.
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 IITs have raised good money and IIMs, especially the older ones, would like to revisit strategy and engage alumni to raise funds.

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