Goa Institute of Management (GIM) has started a new fund called an endowment to make the institute stronger for the future. This important step took place during the celebration of its founder, Fr. Romuald D’Souza's 100th birth anniversary . The fund aims to gather INR 20 crore in its first stage. This money will be used to improve studies, increase support for students, and help GIM achieve its main goals. Already, the institute has received INR 5 crore in promises towards this fund.
What is an Endowment Fund?
An endowment is like a long-term savings account for an educational institution. The money collected in this fund is invested, and only the earnings from these investments are used each year. This provides a steady source of income without spending the main amount. For GIM, this means having a reliable way to fund important projects and support its students and faculty for many years to come.
Why GIM Needs This Fund
The new endowment fund will focus on three key areas to strengthen GIM:
- Boosting Academic Programs: The fund will help improve teaching methods, update course content, and support new research projects. This will ensure students get the best and most current education.
- Enhancing Student Support: This includes providing more scholarships to deserving students, offering financial aid to those who need it, and improving facilities like hostels, libraries, and sports areas. The goal is to make sure every student has what they need to succeed.
- Driving Mission-Based Initiatives: GIM has core values, such as developing responsible leaders who contribute to society. The fund will support special projects that bring these values to life, like community outreach programs or sustainability efforts.
Remembering the Founder's Vision
The launch of this fund was a tribute to Fr. Romuald D’Souza , who founded GIM. He believed in creating an institute that not only teaches business skills but also shapes leaders with strong values and a sense of social responsibility. Prof. Ajit Parulekar , the Director of GIM, explained that Fr. D’Souza's values are not just history but are part of GIM's daily work. He said GIM continues to build an institute known for its quality education and positive impact on society, exactly as the founder envisioned.
Support from Key Leaders
Several important figures shared their thoughts on this new initiative:
Ashank Desai , Chairman of GIM's Board, spoke about GIM's focus on excellence and innovation. He highlighted Fr. D’Souza's foresight in building an institution that stands firm on its values and commitment to helping the nation.
Pusapati Ashok Gajapathi Raju , the Governor of Goa, emphasized that leaders must be responsible, think about the environment (sustainability), and show empathy towards others. He noted that institutions grow strong through people, values, and purpose, not just buildings. He encouraged everyone to carry forward Fr. D’Souza's values and see leadership as a moral duty.
Dr. Montek Singh Ahluwalia , who was formerly the Deputy Chairman of India’s Planning Commission, praised GIM for raising money through its alumni. He pointed out that today’s world faces many challenges, from global political changes and climate change to fast technology updates. He believes institutions like GIM are important in preparing leaders who can guide the country through these complex times.
The Role of Alumni
A large network of 7,000 former students (alumni) of GIM is playing a big part in this fundraising effort. Their commitment and willingness to give back reflect their belief in GIM's mission and future. Their contributions are key to reaching the INR 20 crore target in the first phase.
Looking Ahead
The endowment fund marks a significant step for GIM. It ensures that the institute will have the financial strength to continue its work in shaping future leaders, supporting its students, and making a positive difference for a long time. The institute is focused on reaching its initial fundraising goal and further strengthening its position as a leading management institute in India.
