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Rashtrapati Bhavan : 20.12.2013

The President of India, Shri Pranab Mukherjee inaugurated the School of Commerce and Economics of Loyola College today (December 20, 2013) at Chennai.

Speaking on the occasion, the President said he is happy to note that Loyola College has in the last five years produced 131 Phds faculty and students of Loyola College have to their credit articles in 439 international and 433 national research publications in the last five years. It is also commendable that the Loyola College has made a mark in industrial research through 8 patents and 8 more pending patents.

The President said Innovation is the key to future economic progress. China and the US are at the forefront of innovation in the world with over 5 lakh patent applications each, filed in 2011. India, with only 42,000 patent applications, lags far behind countries like China and the US. He said "we must improve our systems to encourage and generate innovation and put in place a system to attract Indian researchers working abroad to return work on short-term projects in our countryā€¯.

The President also commended the alumni of Loyola College for having generously contributed for the construction of the new building and said this is how Yale and Stanford was built. The President called upon Loyola College to continue to promote a culture of excellence with determination and consistency.

This release issued at 1610 hrs