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Rediff News  All News  » Business » Nobel laureate Klein to set up research centre in India

Nobel laureate Klein to set up research centre in India

October 17, 2003 10:00 IST

Led by Lawrence R Klein, who won the Nobel Prize in 1980 for the creation of econometric models, and WP Carey, group chief WP Carey, the Arizona State University's WP Carey School of Business wants to set up an economic research institute and a management school in Maharashtra, in association with local business groups.

The idea is to let professors of Indian origin who are teaching at WPCSB teach Indian students.

WPCSB conveyed its desire to Maharashtra Chief Minister Sushilkumar Shinde on Thursday. The state government suggested the Bandra-Kurla complex for the proposed economic research centre and Navi Mumbai for the management school.

The five-member WPCSB delegation, which flew out of Mumbai on Thursday evening, included WP Carey and his associate Klein (who has been associated with philanthropic activities in India for some time now), WPCSB president Polk Carey and vice president Zakari Pack.

They were guests of the state government.

Klein's first econometric model enabled him to predict an upsurge in postwar economic activity, instead of the depression expected by most economists. He is also an authority on the Chinese economy.

Explaining the WP Carey group's reason for wanting to maintain a long-term association with India, Pack told state government officials that they felt that in the next 10 to 15 years India would definitely become a super power.

Pack also told government officials that the group had similarly set up a management institute and an economic research centre in China.

The WPC group, an international realty major, is also interested in making long-term investments in the Mumbai real estate market, apart from making strategic investments in Indian companies.

State Secretary, special projects (Mumbai), Sanjay Ubale, who held extensive discussions with the delegation, told Business Standard: "They told us that Maharashtra has the highest potential in India for accommodating their long-term interests and unlike fly-by-night operators who set short-term targets, they intend to stay long in India."

Principal secretary for industries Vishwas Dhumal said: "The group is keen on long-term investments in real estate, R&D and in making strategic investments in Indian companies. They intend to plough the returns on their investments into charities. The group also assists charities associated with providing sustenance to old persons and widows in India."

Renni Abraham in Mumbai