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April 30, 2024

IEG Applies Anew for License Renewal after Procedural Lapse Results in FCRA Cancellation

The Institute of Economic Growth (IEG) has recently found itself in the midst of administrative hurdles, as its license under the Foreign Contribution (Regulation) Act (FCRA) was canceled due to procedural lapses. However, the institute is not deterred and has promptly submitted a fresh application to the Home Ministry for the reissuance of its license.

According to sources familiar with the matter, the Delhi-based autonomous institute failed to meet the deadline for submitting necessary affidavits and documents required for license renewal. This lapse occurred as the responsible IEG official, who was in charge of filing these documents, had retired. Despite this, government communications were inadvertently sent to his email address, compounding the issue.

Adherence to FCRA regulations is crucial, and sources emphasize that the officer in question at IEG overlooked procedural requirements. Nevertheless, the institute has rectified the technical lapse and has applied anew for the reissue of its license.

IEG primarily relies on funding from various government bodies, including the Finance Ministry, Agriculture Ministry, Health Ministry, and the state-run Indian Council of Social Science Research. Only a small portion of its funding comes from outside India, mainly through project-based grants.

Established in 1952 by economist VKRV Rao, IEG serves as a multidisciplinary center for advanced research and training. It offers training programs for officers of the Indian Economic Service (IES) and publishes research papers covering diverse fields such as agriculture and rural development, environment and resource economics, globalization and trade, industry, labor, welfare, and macroeconomic policy and modeling.

Over the years, IEG has boasted an esteemed faculty and board of directors, with eminent intellectuals and policymakers like V T Krishnamachari, C D Deshmukh, P N Dhar, A M Khusro, Dharm Narain, C Rangarajan, C H Hanumantha Rao, Nitin Desai, T N Madan, P C Joshi, Bimal Jalan, and former Prime Minister Manmohan Singh among its past members.

At present, N K Singh serves as the President of the Institute, with Ramesh Chand as the Chairman of the Board of Governors, and Chetan Ghate as the Director.

Despite the recent setback, IEG remains committed to its mission of promoting rigorous research and training in the field of economics and is confident in its ability to overcome administrative challenges to continue its impactful work.

Jhumpa Lahiri

Jhumpa Lahiri

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