IIM-C Receives Rs 20 Cr Grant for Finance Research

Ahmedabad: Indian Institute of Management-Calcutta (IIM-C) receives Rs 20 crore grant for upgradation of its Finance Research & Trading Lab. Finance minister Pranab Mukherjee has announced the grant during the 2011 Budget Session. The institute had sought grant from the finance ministry to improve amenities of the lab and make it the world-class lab.

Prof Ashok Banerjee, in-charge of the Financial Research & Trading Lab, said that the 48-seater lab was started in November 2008 and it is one of its kind in India. He said all the terminals of the lab get real time data from Indian financial markets and they do research about stock and commodities markets. He added that the Lab requires huge investments for activities related to research and with the grant announced, we aim to make the Centre one of the best in the world. He said that they will utilize the fund to support the research and policy papers on behavior of financial markets.

IIM-A does not seek any financial assistance from the government. According ot a statement issued by an IIM-A official for the last couple of years, they have not asked for any grant for any projects. They manage their all running expenses on our own. However, as per sources, Finance minister has raised education allocation by 24% over last year to Rs 52,057 crore, of which Rs 21,000 crore will be allocated towards the Sarva Shiksha Abhiyan. The FM has also proposed to provide special grants to recognize excellence in universities and academic institutions including Rs 200 crore for IIT Kharagpur; Rs 50 crore each to upcoming centres of Aligarh Muslim University at Murshidabad in West Bengal and Malappuram in Kerala.