1. To promote professional competence and excellence thereof in the field of econometrics among Indians staying in India.
2. To provide financial support to the Journal of Quantitative Economics of TIES.
3. To provide funds with a view to facilitating the regular awards of the national and the international Mahalanobis Memorial Awards.
4. To provide financial support to the Secretariat of TIES.
5. To promote teaching, training and research in economics and also the promotion and preparation of monographs and publications for the above.
6. To expand the scope of aid to improve the standards of the journals and publications being brought out in India by providing intellectual and other infrastructure and other facilities.
7. To establish prizes and awards for best books prepared on econometrics in India by Indian Scholars.
8. To award fellowships to the College/university teachers and others scholars to pursue their training and research activities.
9. To promote and prepare or get prepared collected papers of Indian econometricians who have made sustained and notable contributions to the subject and who have done meritorious service to the econometrics.
10. To facilitate the conduct of round tables, workshops, seminars, training programmes and orientation courses for research students and college and university teachers, experts in different areas and government officials.
11. To conduct, sponsor and aid research in the filed of economic sciences-pure as well as applied economics to cover all aspects of economics to cover all aspects of econometric problems with special attention if necessary to comparative analysis, intra-regional and inter-regional problems if backward region and backward classes.
12. To conduct training programmes and summer institutes for University and College teachers with a view to improving their research skills.
13. To publish or get published, books, periodicals and other literature relating to research on econometrics.
14. To create a suitable forum for the exchange of ideas and techniques and to organize, sponsor and aid seminars, workshops, study circle, working groups/parties and conferences for promoting research or utilisation of research.
15. To set up and maintain libraries and information service to facilitate the study of problems relating to economics sciences and in general and econometrics in particular.
    

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Mahalanobis Memorial Medal