Kolkata: Indian Institute of Management Calcutta (IIM-C) is against the privatization of IIMs but is readily accepting the corporate contributions to generate resources for new IIMs, said the institute's board of governors' chairman Ajit Balakrishnan. He made the announcement was on Saturday evening (on April 2, 2011) while speaking on the sidelines of the institute's 46th convocation.
Balakrishnan said that they favor corporate contributions for new IIMs as they may not be in a position to generate resources adequately in the initial years. But privatization is a no-no. A few days ago, Union Human Resource Development minister Kapil Sibal denied privatization of IIMs at IIM Bangalore's convocation, amid assumption on the issue after a proposal by a committee which was constituted by the HRD ministry.
In addition, Balakrishnan said that while contributions could be made without any right in an institute's board, corporates should be allowed to get full tax benefit of their total contribution.