The Union Government has given its approval for continuation of the scheme on Indian Institute of Corporate Affairs (IICA) for another three financial years (FYs 2017-18 to 2019-20) and providing Grants-in-aid of Rs.18 crore to the Institute.  It will make the Institute self-sustainable by the end of FY 2019-20. 

IICA is a think-tank and repository of data and knowledge to support rational decision-making for the policymakers, regulators as well as other stakeholders working in areas related to the corporate sector. IICA comes under the corporate affairs ministry, which is implementing the Companies Act. The institute offers services to stakeholders in the field of corporate laws, competition law, CSR, accounting standards, investor education, etc. Various activities of IICA also help first-generation entrepreneurs and small business for imparting multi-disciplinary skills.

The impact of the aid:

• "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. 
• Various activities of IICA also help first-generation entrepreneurs and small business for imparting multi-disciplinary skills as they are unable to afford to employ separate experts in management, law, and accountancy.
• The training programs, research activities, and projects conducted by the Institute in partnership with public and private sector in the niche areas of Corporate Governance, Competition & Economics will enhance the skill sets resulting in increased employability.

For more details, please see http://pib.nic.in/newsite/PrintRelease.aspx?relid=173729