New Delhi, Nov 22 (IANS): The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved continuation of the scheme on Indian Institute of Corporate Affairs (IICA) for another three financial years (2017-18 to 2019-20) to make the institute self-sustainable, an official statement said.

"The Union Cabinet has given its approval for continuation of the scheme on IICA for another three financial years and providing grants-in-aid of Rs 18 crore to the institute. It will make the institute self-sustainable by the end of 2019-20," said the Corporate Affairs Ministry in a statement.

"The training programmes, research activities and projects conducted by the institute in partnership with public and private sector in the niche areas of corporate governance will enhance the skill sets resulting in increased employability of students as well as professionals," it said.

The thrust of the institute is to become a prestigious institute in the field of corporate laws while enhancing its resources and revenues, it added.

It is envisaged that IICA will be an institute of national importance thereby becoming an engine of growth leading to increased economic activity. The improvement in the professional competence is also expected to help the professionals in tapping employment opportunities in emerging corporate areas including those in overseas.

The National Foundation for Corporate Social Responsibility (NFCSR) at IICA is responsible for Corporate Social Responsibility (CSR) initiatives. The foundation has been designed around the new provisions of Companies Act, 2013 and conducts various activities in partnership with Corporates in the field of CSR, oriented towards social inclusion.

IICA is a think-tank and repository of data and knowledge to support rational decision-making for the policy makers, regulators as well as other stakeholders working in areas related to the corporate sector. It offers services to stakeholders in the field of corporate laws, corporate governance, CSR, accounting standards and investor education.

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.