You don’t need to be a Nobel Laureate or a management guru for getting a gold medal named after you in IIMs (Indian Institute of Management) once the scheme in IIM Ranchi is functional. Just donate Rs 25 lakh to IIM Ranchi and gold medal will have an individual’s or a donor’s name for 10 years. Not only the medals but the awards given to the academic achievers will also be named after the donor.  

The sources from IIM Rohtak revealed that following the footsteps of IIM Ranchi the institute will raise funds by naming the buildings after the name of the donor.

After the workshop held in January to educate business schools on fund raising methods, the 13 IIMs in India started focusing on fund raising schemes from professionals. Many IIMs are establishing a separate department for raising fund, with a staff of professionals at a projected cost of Rs 1 crore. Through this initiative IIMs aim at building a corpus fund.

Currently, the system receives most of the monetary grants from government. The main source of income for IIMs is through annual fee, executive education programs fee and management development programs fee. Till now IIMs were not very successful in receiving donations from corporate professionals and utilizing that amount to achieve excellence in education.

Discussions are also going on to introduce a concept of chair professorship wherein chair professorship will be granted to the honourable person making donation to a specific department. Another scheme proposed is giving electronic/partial access to the courses to the companies making donations.

Source: Business Standard

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