Indian Institute of Management- Calcutta (Kolkata) has now found a new source of funding from the corporates rather than going for privatizing. IIM-C's chairman of the board of governors Ajit Balakrishnan on Saturday, during the institute's 46th annual convocation, said “under any circumstances, we are not in favour of privatisation of IIMs. We favour corporate contribution for new IIMs as they may not be in a position to generate resources adequately at least in the initial years.” “It is possible to create a corpus outside the government. But entrepreneurs must be allowed to get full tax benefit of the total contribution,” he said. “Currently, Indian tax system does not allow us to create a corpus,” he added. Balakrishnan said the government should also allow tax reduction for a couple of years at the market value from income if a corporate institution contributed to any educational institute, as was done in the US. Earlier, speaking on the occasion, IIM-C director Shekhar Chaudhuri said the institute will soon launch an online general management certificate programme in collaboration with top financial schools. “The IIM-C is providing full support to the new IIM Ranchi, which has been set up six months ago. Most of the courses there are taught by our faculty,” he added.