New Delhi, Oct 30, 2024: Health and wellness company Herbalife has inked a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Madras to provide 1,000 scholarships for students pursuing the foundational level of the IITM BS Degree in Data Science and Applications. The initiative strives to make high-quality education accessible to students from diverse economic backgrounds across India.
The MoU signing ceremony, held at IIT Madras recently, was attended by Uday Prakash, VP – Strategy and Implementation, Herbalife India, along with Prof Ashwin Mahalingam, Dean of Alumni and Corporate Relations IIT Madras, Kaviraj Nair, CEO of Alumni and Corporate Relations, and other IITM representing members.
The "Merit-cum-Means Scholarship for the IIT-M BS Degree in Data Science and Applications" not only aims to support underserved students but also ensures that 50% of the scholarships are reserved for female students. This commitment enhances the initiative’s dedication to promoting gender equality and encouraging female representation in Science, Technology, Engineering, and Mathematics (STEM) fields.
As part of its Corporate Social Responsibility (CSR) efforts, Herbalife India is dedicated to bridging educational gaps and providing transformative opportunities for individuals who have historically faced barriers to higher education. The flexible nature of this degree program allows students to pursue diplomas or degrees in Data Science and Programming, thereby unlocking pathways to employment, economic mobility, and personal growth.
Uday Prakash, VP of Strategy and Implementation, Herbalife India, said, “Education is a cornerstone of economic development and inclusivity in our country. Our collaboration with IIT Madras aims to equip economically disadvantaged students with essential skills and opportunities. This initiative not only empowers them to compete on a global stage alongside their peers but also encourages a more inclusive workforce by actively promoting female participation in technology, which is crucial for driving innovation and growth in the economy.”
Prof Ashwin Mahalingam, Dean - Alumni and Corporate Relations, IIT Madras, said, "With over 11,000 students on campus, we at IIT Madras always strive to provide diverse, quality education to as many as possible, but we know that true reach requires collaboration beyond our walls. Our engagement with Corporates through Corporate Social Responsibility and philanthropy enables us to provide scholarships, bolster research, and expand our educational impact in ways that simply wouldn’t be possible otherwise. We’re incredibly grateful for Herbalife’s support in advancing these initiatives and driving meaningful change."
The education market for data science in India is expected to surge from USD 299.75 million in 2023 to USD 2.04 billion by 2028, reflecting a CAGR of 46.77% as per a report by an Indian edtech platform. By providing access to in-demand skills through this program, Herbalife India and IIT Madras are poised to create significant opportunities for individuals and their families.
The scholarship recipients also benefit from career-focused mentorship and hands-on industry experience through internships, enhancing their professional prospects in this high-demand field.
