Nobel laureate Klein to set up research centre in India

http://inhome.rediff.com/money/2003/oct/17nobel.htm

Nobel laureate Klein to set up research centre in India

Renni Abraham in Mumbai | 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."