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It was established in 1943 by group of Indian intellectuals as think tank.
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It was established as non-official, non-political and non-profit organisation under Registration of Societies Act 1860.
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It was declared institution of national importance by Indian Council of World Affairs (ICWA) Act, 2001 enacted by Parliament.
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ICWA is devoted exclusively for the study of international relations and foreign affairs.
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Vice President of India is its ex-officio President.
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It had conducted historic international conferences like Asian Relations Conference in 1947 under leadership Sarojini Naidu and United Nations and New World Order in 1994