Raju, who speaking at the 27th convocation ceremony of the Indian Institute of Management (IIM) here, pitched for effective coordination among the academia and the industry.
He noted it is high time the students carry forward the benefits of research to the society.
On this occasion, 581 students were awarded diplomas by institute Director Dr Devi Singh.
While Mayank Khulbe (PGP-ABM) was awarded with the Chairman's gold medal, Harsh Bansal received the Director's medal.
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Rajender Aggarwal and Puneet Malik from the International Programme in Management for Executives (IPMX) received the Chairman's gold medal and director's medal respectively.
In his address, Director Singh highlighted achievements and activities at IIM, Lucknow during the academic year 2012-2013.
He pointed out that the institute continued to become financially stronger with not much reliance on government grants.