Seven students of the Indian Institute of Management (IIM), Sambalpur have received Rs 1-lakh scholarships.

The scholarships were awarded to the students, who topped the first-year examinations, during a function held to mark the institution's seventh foundation day on Thursday.

Union Education Minister Dharmendra Pradhan urged students to bring a "synergy of modern education with traditional values".

"A competent workforce is possible only when we have skilled management professionals," Pradhan said during his virtual address.

He asserted that the National Education Policy, 2020 aims to update, upgrade and upskill youth, and transform the education system with emerging dynamics.

IIM Sambalpur Director Mahadeo Jaiswal said that work on the permanent campus was under rapid progress and the first phase was expected to be completed by August-December next year.

Flipkart chief corporate affairs officer Rajneesh Kumar said that the COVID-19 pandemic has brought about a fundamental shift in people's lives and businesses and firms can no longer operate without considering the larger context, which has impacted the way they interact with different stakeholders.

Indian hockey player Amit Rohidas, who was a part of the national team that secured bronze at the Tokyo Olympics, and renowned Sambalpuri singer Padma Shri Jitendra Haripal, famous for superhit song 'Rangabati', were honoured during the event.