As many as seven new IIMs to get permanent campus by June 2021

New Delhi, September 6: Centre on Wednesday approved the proposal for setting up of seven new Indian Institutes of Management (IIMs) by June 2021, at a total cost of over Rs 3775.42 crore.

 

Notably, the Union cabinet chaired by PM Modi approved the establishment and operationalization of permanent campus of seven new Indian Institutes of Management (IIMs) at a total cost of Rs 3775.42 crore (Rs 2999.96 crore as Non-Recurring and Rs 775.46 Crore as Recurring Expenditure).

The institutes are in Amritsar, Bodh Gaya, Nagpur, Sambalpur, Sirmaur, Vishakhapatnam and Jammu. With this, all the 20 IIMs will have their own permanent campuses. These IIMs were established in the year 2015-16/2016-17. These institutes are presently functioning from transit campuses.

Each of these IIMs will construct an area of 60384 Sqm, which will have complete infrastructural facilities for 600 students in each IIM. Recurring grants to these institute has also been approved at Rs 5 Lakh per student per year for 5 years. Thereafter, the institutes are expected to meet their running cost / maintenance cost from the internal generation of funds.

The IIMs will provide education to students to enable them to become professional managers. The approval will promote economic and industrial development of the country.

HRD Minister Prakash Javadekar in a tweet said that PM Modi-led government approved seven new IIMs which is assessed at a total cost of Rs 3775.42 crore, out of which Rs. 2804.09 crore will be spent for construction of permanent campuses of these institutes.