The funding scheme for the Indian Institute of Corporate Affairs (IICA), entailing Rs 18 crore of grants-in-aid, received Cabinet approval today.
IICA comes under the corporate affairs ministry, which is implementing the Companies Act.
The continuation of scheme for IICA for "another three financial years (FYs 2017-18 to 2019-20) and providing grants- in-aid of Rs 18 crore to the institute," has been approved by the Cabinet today, an official release said.
"It will make the institute self-sustainable by the end of FY 2019-20," the release added.
Now, the scheme would continue beyond the 12th Plan period which ended on March 31, 2017.
"It is envisaged that IICA will be an Institute of National importance thereby becoming an engine of growth leading to increased economic activity," the release said.
The improvement in the professional competence is also expected to help professionals tap employment opportunities in emerging corporate areas, including those overseas, it added.
IICA offers services to stakeholders in various fields, including corporate laws, corporate governance, CSR (Corporate Social Responsibility), accounting standards and investor education.
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