IIM Vizag and World Bank Partner to Jointly Organise Workshop on Contract Management

New Delhi: The Indian Institute of Management Visakhapatnam (IIMV) has collaborated with the World Bank to organise a residential workshop on 'contract management and dispute resolution.' This initiative involves the World Bank providing technical support and identifying potential participants from organisations that have utilised funding from multilateral development financing agencies.

This program is set apart because IIM Visakhapatnam is the pioneer among the Indian Institutes of Management to offer such a workshop. The World Bank is actively promoting participation by featuring the program on its official website and notifying relevant professionals associated with projects funded by the organisation. 

The inaugural workshop in this series is slated for the third week of March. Given the current nationwide emphasis on numerous infrastructure projects, many of these ventures face challenges such as arbitration or disputes, leading to delays or project standstills. 

The primary objective of this program is to enhance the contract implementation and dispute resolution capabilities of involved agencies. It aims to achieve this by imparting essential skills and knowledge related to contract management, aligning with global standards.

As reported by TOI, Professor M Chandrasekhar, Director of IIM Visakhapatnam, emphasized the significant market size of the Indian infrastructure sector, estimated at around $205 billion in 2024. Projections indicate that it is expected to scale up to approximately $4.50 trillion by 2030, aligning with the nation's vision of achieving a $7 trillion economy.

This collaborative effort signifies a crucial step toward addressing challenges in the infrastructure sector and to fuel expertise in contract management and dispute resolution to ensure the smooth execution of projects.

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