IIM Ahmedabad’s plan to raise $50 million in golden jubilee year flop
Indian Institute of Management – Ahmedabad’s Plan to raise an endowment fund of $50 million in the golden jubilee year has remained a far-fetched dream.
Against the actual plan to raise Rs 250 crore by the end of 2011, IIM-A has been able to raise just over $1 million (~Rs 5 crore). Director of IIM-A Samir Barua confirmed the figure and said “the alumni haven’t responded in the manner we expected”.
Inspite of being the best Management Institute in India and a leading Institute in Asia-Pacific region, the plan remained just on paper. IIM – A has an alumnibase dominating boardrooms across the globe.
As per actual plan the expectation was of Rs 3 crore endowment from each batch from the batches of 1970 to 1989; Rs 2.25 crore each from 1990 to 1999 batches and Rs 1.5 crore each from alumni of 2000 to 2009 batches. While this would have covered 40% of the target, corporates were expected to make up for the remaining target.
Sources say the poor endowment contribution only underlines the fact that while the faculty may be very good at teaching students on how to raise resources, it is difficult to practice what you preach. Many donors were willing to contribute huge sums to set up specific research-related chairs but these offers were turned down.