IIMs are a group of 20 public, autonomous institutes of management education and research in India. They primarily offer postgraduate, doctoral and executive education programmes. The establishment of IIMs was initiated by Jawaharlal Nehru, the first Prime Minister of India, based on the recommendation of the Planning Commission.
Recently, The Union Cabinet, chaired by Prime Minister Narendra Modi has cleared a proposal for the establishment of permanent campuses of seven new Indian Institutes of Management (IIMs) by June 2021, at a cost of over Rs 3,775 crore.
The government has approved the establishment and operationalization of permanent campuses for these seven new Indian Institutes of Management (IIMs).
According to reports, the institutes are in Amritsar, Bodh Gaya, Nagpur, Sambalpur, Sirmaur, Vishakhapatnam and Jammu. These IIMs were established between 2015-16 and 2016-17. At present, they are functioning from transit campuses.
The total cost is assessed as Rs 3,775.42 crore, out of which Rs 2,804.09 crore will be spent for the construction of permanent campuses.
Each of these IIMs will be constructed at an area of 60,384 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 five years. Thereafter, the institutes are expected to meet their running cost and maintenance cost from the internal generation of funds
Campus-wise allotment of funds: Name of IIM and Amount (In Rupees Crore)
• IIM Amritsar: Rs 348.31cr
• IIMBodh Gaya: Rs 411.72cr
• IIM Nagpur: Rs 379.68cr
• IIM Sambalpur: Rs 401.94cr
• IIM Sirmaur: Rs 392.51cr
• IIM Vishakhapatnam: Rs 445.00cr
• IIM Jammu: Rs 424.93cr
Total: Rs 2804.09cr
The construction of the permanent campus of these institutes shall be completed by June 2021. With this, all the 20 IIMs will have their own permanent campuses. Further, each of these IIMs will be constructed on 60,384 sqm of land, which will have complete infrastructural facilities for 600 students.
Rs 5 lakh per student per year:
Recurring grants to these institutes have also been approved at Rs 5 lakh per student per year for a period of five years. Thereafter, the institutes are expected to meet their running cost and maintenance cost from the internal generation of funds, it said.
The IIMs will provide education to students to enable them to become professional managers. The approval will promote the economic and industrial development of the country, the statement further added.
Each IIM is autonomous and exercises independent control over its day-to-day operations. However, the administration of all IIMs and the overall strategy of IIMs is overseen by the IIM council. The IIM Council is headed by India’s Minister of Human Resource Development and consists of the chairpersons and directors of all IIMs and senior officials from the Ministry of Human Resource Development of the Government of India.