New Delhi: In a major development, the Union Cabinet chaired by Prime Minister 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 as Non-Recurring and Rs 775.46 Crore as Recurring Expenditure).
The approval will promote economic and industrial development of the country.
As per reports, all these IIMs were established in the year 2015-16/2016-17 and are presently functioning from transit campuses.
The total cost is assessed as Rs. 3775.42 crore, out of which Rs. 2804.09 crore will be spent for construction of permanent campuses of these institutes, as per the following details:
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
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 IIMs will provide education to students to enable them to become professional managers.