NOIDA, 11th September 2018: On Thursday, the Government has given approval for the establishment of the permanent campuses for seven new established IIMs and sanctioned Rs 2804.09 Cr.
The Union Cabinet, chaired by honorable Prime Minister Shri Narendra Modi has approved Rs 2804.09 Cr for the establishment of permanent campuses of seven new Indian Institute of Management (IIMs). These seven new IIMs are Amritsar, BodhGaya, Nagpur, Sambalpur, Sirmaur, Vishakapatnam, and Jammu.
According to the report, the total expenditure that will be occurred to build the infrastructure is Rs 3775 Cr out of which Rs 2804.09 will be used for the construction of infrastructure. Also, he added that by June 2021 the infrastructure must be ready for operational.
The land required for constructing each of these new institutes is 60, 384 sqm and with complete facilities for 600 students. By June 2021, all these new IIMs will have their physical structure built with a modern architecture.
All these IIMs were set up between 2015 – 17 and currently functioning from transit campuses. This declaration has ended up all the doubts regarding the time taken by these 7 newly announced IIMs to function with their own physical structure.
Campus wise fund has also been allotted for the construction purpose as stated by the Union HRD Minister, Mr. Prakash Javadekar and the amount as per the institutes is as: IIM Amritsar – Rs 348.31 Cr, IIM Bodhgaya – Rs 411.72 Cr, IIM Nagpur – Rs 379.68 Cr, IIM Sambalpur – Rs 401. 94 Cr, IIM Sirmaur – Rs 392. 51 Cr, IIM Vishakapatnam – Rs 445.00 Cr, and IIM Jammu – 424. 93Cr.
As stated further, the recurring grants of Rs 5 lakh per students have been approved to these institutes for a period of five years. Henceforth, all these institutes will have to meet their running cost and maintenance from the internal generation of the fund.
As stated, the establishment of these IIMs will provide a quality education to become professional managers. Also, this will help in the economic and industrial development of the country.
This declaration by Union Cabinet will fill the future CAT aspirants with happiness as they shall be availing all the facilities in newly announced 7 IIMs soon after this announcement, if they succeed to get admission into one of these IIMs. The approval of this budget by the government is seen as a sign of industrial and economic development of India.