The Union Cabinet chaired by PM Narendra Modi has approved the establishment and operationalization of permanent campus of seven new Indian Institutes of Management (IIMs) at Amritsar, Bodh Gaya, Nagpur, Sambalpur, Sirmaur, Vishakhapatnam and Jammu, and their recurring expenditure at a total cost of Rs 3775.42 crore (Rs 2999.96 crore asNon-Recurring and Rs 775.46 Crore as Recurring Expenditure). These IIMs were established in the year 2015-16/2016-17. These institutes are presently functioning from transit campuses.
Details of assistance
IIM Amritsar, Punjab – Rs 348.31 crores
IIM Bodh Gaya, Bihar – Rs 411.72 crores
IIM Nagpur, Maharashtra – Rs 378.68 crores
IIM Sambalpur, Odisha – Rs 401.94 crores
IIM Sirmaur, Himachal Pradesh – Rs 392.51 crores
IIM Vishakhapatnam, Andhra Pradesh – Rs 445 crores
IIM Jammu, Jammu & Kashmir – Rs 424.93 crores.
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 @ 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 construction of permanent campus of these institutes shall be completed by June, 2021. With this, all the 20 IIMs will have their own permanent campuses. The Indian Institute of Management are amongst India’s top class management B-schools which compete globally to provide quality education.
Source – PIB.